A Record-Breaking Year
As 2024 concludes, Buckreef Gold Mine celebrates a year of exceptional growth and impact. From record-breaking revenues and EBITDA generated from high-margin gold production to trailblazing sustainability initiatives, the year showcased our dedication to operational excellence and community engagement. Our achievements this year form a solid foundation as we look to 2025 with optimism and ambition.
2024 Highlights
Operational Success: Efficiency and Expansion
This year, Buckreef Gold poured 19,389 ounces of gold, contributing to record revenues of $41.2 million.
The commissioning of our expanded 2,000 tonnes-per-day (tpd) processing plant toward the end of 2024 marked a transformative milestone. This upgrade increased throughput by 149 percent, positioning us for an expected increase in production for 2025.
Additionally, we made a landmark discovery with the Stamford Bridge Zone, a new gold mineralization shear zone. This discovery, coupled with our best drill results to date, underscores the growing potential of the Buckreef project as a leading mine in the Lake Victoria Greenstone Belt.
Financial Growth and Community Investment
Record adjusted EBITDA of $15.3 million from continued positive operating cash flow supported our commitment to financial discipline and capital reinvestment. In 2024, we channeled $14 million into growth initiatives, including plant upgrades and exploration projects.
Our contributions extended beyond financial metrics. In a recently released 2023 sustainability report, $9 million was spent in-country on local goods and services. Payments to the Tanzanian government in taxes and royalties totaled $3.7 million, reinforcing our commitment to national development.
Sustainability: A Commitment to the Future
Sustainability remains central to our operations. In 2024, Buckreef Gold achieved several environmental and community milestones:
- Water Management: All water at our site was recycled, with no discharges, aligning with our zero-wastewater objective. Investments in a new water treatment plant and boreholes further strengthened our water stewardship.
- Biodiversity and Land Rehabilitation: Our indigenous tree nursery propagated species such as Acacia nilotica for use in rehabilitating decommissioned sites, and restoring local ecosystems.
- Energy Efficiency: We consumed 126,739 GJ of energy, prioritizing the local power grid, which employs hydroelectric and natural gas power. Moving forward, we plan to enhance carbon reporting and adopt strategies to reduce greenhouse gas emissions.
- Waste and Tailings Management: Enhanced tailings storage facilities were constructed using innovative engineering, classified as “very high” safety by Tanzanian standards. Hazardous waste is handled meticulously to minimize environmental risks.
Empowering People
With a 100 percent Tanzanian workforce of 146 full-time employees, 358 contract miners and project contractors, 134 part-time/casual employees, Buckreef Gold continues to prioritize local hiring and capacity building.
2025 Business Outlook
As we transition into 2025, our focus remains on growth, innovation, and sustainability.
Strategic Growth Plans
With a full year of operations from the 2,000 tpd processing plant, we anticipate an increase in annual gold production for 2025. Exploration will intensify in priority zones such as Stamford Bridge, Buckreef Main, and Buckreef West, unlocking further resource potential.
Sustainability Initiatives
Our environmental and social programs will continue to expand. From continued water conservation efforts to an improved reliance on renewable energy for power at sites, 2025 will see us continuing our contributions to a sustainable future.
Community investments in education and healthcare will remain a priority, aligning with local needs and government initiatives.
Government Engagement
We will maintain our strong collaboration with Tanzanian authorities and in-country mining ministries ensuring regulatory compliance and contributing to the country’s economic goals.
Conclusion: Building a Sustainable Future
Reflecting on 2024, Buckreef Gold Mine has demonstrated the strength of its operations, the impact of its community engagements, and its commitment to sustainability. As we step into 2025, we are poised to achieve a new set of milestones. Together with our stakeholders, we look forward to continuing contributing to the development of Tanzania’s mining sector and driving shared prosperity for years to come.
