[PPT] - African Barrick Gold Investor Presentation 2010 Prelims PowerPoint Presentation

SLIDE 1

Investor Presentation

February 2011

African Barrick Gold 2010 Prelims Presentation

SLIDE 2

Disclaimer

Important Notice This presentation has been provided to you for information purposes only. It does not constitute an offer, solicitation, invitation or inducement to purchase, subscribe or otherwise acquire or to sell or otherwise dispose of any securities of African Barrick Gold plc ("ABG") or engage in any investment activity in connection with the capital of ABG in any jurisdiction. The information

r opinions contained in this presentation shall not form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment

decision whatsoever in connection with ABG. The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to change without notice. ABG explicitly disclaims any responsibility, obligation or undertaking to update or revise any information contained in this presentation after its date, whether as a result of new information, future events or otherwise. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this presentation or its contents. Certain information, statements, beliefs and opinions in this presentation are forward looking. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production,

perations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expect," "anticipates,"

"believes," "intends," "estimates" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors. Although ABG’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ABG, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, forward-looking information and statements contained in this presentation. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, but are not limited to, political, economic and business conditions, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices, changes in regulation, currency fluctuations (including the US dollar, South African rand and Tanzanian shilling exchange rates), ABG’s ability to successfully integrate future acquisitions, to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources

r reserves and to timely and successfully process its mineral reserves, trespass, theft and vandalism, changes in its business strategy, as well as risks and hazards associated with the

business of mineral exploration, development, mining and production. Accordingly, investors should not place reliance on forward-looking statements contained in this presentation. Any forward-looking statements in this presentation speak only as of the date of this presentation and only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. No statements made in this presentation regarding expectations of future profits are profit forecasts or estimates, and no statements made in this presentation should be interpreted to mean that ABG’s profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of ABG or any other level. You are reminded that you have received this presentation subject to the disclaimer and important notices contained herein and on the basis that you are a person to whom this presentation may be lawfully made and delivered in accordance with the laws of the jurisdiction in which you are located. You may not and are not authorised to: (i) reproduce or publish this presentation; or (ii) distribute, disclose or pass on this presentation to any other person, in whole or in part, by any medium or in any form, whether electronically or otherwise. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS PRESENTATION IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF APPLICABLE SECURITIES LAWS.

1

SLIDE 3

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

2

SLIDE 4

Overview of ABG

2010 production of 701 koz @ $569 / ounce
Reserves and resources of 26.9 Moz
Four producing mines in Tanzania and significant

land holdings

Range of organic growth projects at different

stages of development

Targeting 1 Moz production by 2014
Net cash of $401m
FTSE member

3

Location of assets

A major gold producer with significant growth optionality

Dar es Salaam Buzwagi Bulyanhulu North Mara Tulawaka

Mining operations

SLIDE 5

Strategy Underpinned by Solid Fundamentals

Focussed strategy …

Maintain efficient and consistent production base from existing operations
Grow current production through low capital high return asset optimisation
Further grow and diversify asset base through targeted acquisitions

… from a position of strength

Major African gold producer
Long life, high grade producing assets
Clearly defined path to growth from existing projects
Significant financial flexibility complemented by strong cash flow generation
Experienced management team with track record of developing and operating mines

4

Growth targets from a position of strength with an existing project portfolio

SLIDE 6

Financial Highlights to 31 December 2010

Full year 2010 revenues of $975m, up 37%

year-on-year

EBITDA of $419m, up 68% on 2009
Operational cash flow generated of $345m, up

78% year-on-year

Net income of $218m – a 272% increase
Proposed full year dividend of 5.3 cents per

share

Net cash balance of $401m

5

Record financial performance demonstrating gold price leverage

Year ended 31 Dec ember % change Y-o-Y $’000s (Unaudited) 2010 2009 Revenue 975,021 711,182 37% Cost of sales (589,039) (487,027) 21% Gross profit 385,982 224,155 72% Corporate administration (35,436) (37,759)

6%

Exploration costs (14,861) (8,871) 68% Other charges (26,033) (21,419) 22% Profit before net finance costs 309,652 156,106 98% Net finance expense (575) (5,701)

90%

Net profit before taxation 309,077 150,405 105% Taxation expense (86,471) (84,388) 2% Net profit attributable to equity shareholders 218,103 58,577 272% EPS (cents) 53.2 14.3 272% DPS (cents) 5.3 n/a n/a

SLIDE 7

Further Progress in 2011

Key objectives for 2011:

– Continued improvement in health and safety indicators – Growth in existing production base – Production and cost efficiencies to mitigate industry cost pressures – Further progress on growth projects – Organic expansion of resource base – Pursue value enhancing acquisition opportunities – Build on improvement in community relations achieved in 2010

Leading to following targets:

– Attributable group production of 700,000 – 760,000 ounces – Cash cost per ounce sold of $590 - $650 (cash operating cost per ounce of $545 - $605) – Sustaining capital budget of $140m, $24m expansion projects, $73m deferred stripping costs – Exploration budget of $55m, including $26m capitalised spend

6

Short, medium and long term growth to drive shareholder value creation

SLIDE 8

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

7

SLIDE 9

Operational Highlights to 31 December 2010

Full year 2010 production of 701 Koz, down 2%

year-on-year

Bulyanhulu and North Mara firmly on track
Buzwagi impacted by issues relating to transition
re and fuel theft

– Operational improvement initiatives on track – Planned monthly production reached in December

Tulawaka production influenced by new equipment

commissioning and lower grades year-on-year

All organic growth projects on track
Focus on cost control to maximise margins
All ounces produced replaced plus additional 900

Koz growth in resource base

8

Strong platform with further growth potential at all operations

Year ended 31 December % change Y-o-Y 2010 2009 Operating results Tonnes mined (kt) 40,016 36,781 9% Ore tonnes processed (kt) 7,706 6,546 18% Recovery rate (percent) 86.1% 87.0%

1%

Average grade (grams per ton) 3.3 3.9

15%

Attributable gold production (koz) 701 716

2%

Attributable gold sold (koz) 724 684 6% Average realised gold price ($/oz) 1,240 974 27% Copper production (‘000 pounds) 7,958 6,788 17% Total cash costs per ounce sold 569 533 7%

SLIDE 10

Operational Details – Bulyanhulu

Continued positive progress throughout 2010
Production of 260 Koz up 4% YoY
Both grade and recoveries increased over the

year

Focus on costs produced results

– Cash costs per ounce down 17% – Cash costs per tonne milled down 14%

Consistent operating performance throughout

the year

Continued investment to drive further cost

improvements and operating efficiencies

Year ended 31 December (Reviewed) 2010 2009 Underground ore tonnes hoisted (ktpa) 958 967 Ore milled (ktpa) 954 959 Head grade (g/t) 9.2 8.7 Mill recovery (%) 92.2% 92.1% Ounces produced (oz) 260 249 Ounces sold (oz) 262 255 Cash costs/ounces sold ($/oz) Cash costs/tonne milled ($/t) 539 148 651 173 Capital expenditure ($’000s) 80,539 59,583

9

Key operating statistics

SLIDE 11

Operational Details – North Mara

Consistent production throughout the year
Production of 213 Koz in line with 2009
Head grade down 12% YoY, reflecting

expected processing of low grade stockpiles

Improvement in recoveries as a result of

plant optimization and ore feed blend

Improved productivity and cost efficiencies

led to 7% reduction in cash costs

Continued focus on waste stripping in the

Gokona pit

Additional investment in water treatment

plant and tailings storage facility

10

Key operating statistics

Year ended 31 December (Reviewed) 2010 2009 Tonnes mined (ktpa) 20,106 15,888 Ore tonnes mined (ktpa) 2,624 4,933 Ore milled (ktpa) 2,860 2,605 Head grade (g/t) 2.8 3.2 Mill recovery (%) 82.9% 79.7% Ounces produced (oz) 213 212 Ounces sold (oz) 219 209 Cash costs/ounces sold ($/oz) Cash costs/tonne milled ($/t) 472 36 508 41 Capital expenditure ($’000s) 91,442 46,114

SLIDE 12

Operational Details – Buzwagi

11

Key operating statistics

Year ended 31 December (Reviewed) 2010 2009 Tonnes mined (ktpa) 18,848 19,843 Ore tonnes mined (ktpa) 4,285 5,034 Ore milled (ktpa) 3,553 2,671 Head grade (g/t) 2.0 2.5 Mill recovery (%) 81.0% 87.4% Ounces produced (oz) 186 189 Ounces sold (oz) 198 154 Cash costs/ounces sold ($/oz) Cash costs/tonne milled ($/t) 685 38 422 24 Capital expenditure ($’000s) 29,781 109,298

Production of 186 Koz compared to 189 Koz in 2009

when the mine started operations in Q2

During 2010, issues in processing the transition ore

led to delays in production ramp up and impacted process plant performance

Actions taken in response to discovery of fuel theft

further impacted production in late Q3 and Q4

A range of initiatives undertaken to address issues:

– New GM and senior team in place – Additional investment in process plant and mining fleet – Pit scheduling revised, including drill and blast and grade control programmes – Additional security measures

Initiatives seeing results

SLIDE 13

Operational Details – Tulawaka

12

Key operating statistics

Reflected as 70% Year ended 31 December (Reviewed) 2010 2009 Underground ore tonnes hoisted (ktpa) 103 83 Ore milled (ktpa) 340 312 Head grade (g/t) 4.1 7.0 Mill recovery (%) 93.2% 94.1% Ounces produced (oz) 42 66 Ounces sold (oz) 45 65 Cash costs/ounces sold ($/oz) Cash costs/tonne milled ($/t) 709 93 413 87 Capital expenditure ($’000s) (100%) 15,513 7,884

Attributable production of 42 Koz for the year

down from 66 Koz in 2009 due to mine equipment availability and grade

Lower

grade

re

compared to prior year period, both from underground as well as from the low grade stockpiles processed

Cash cost increase driven by lower production

base and fuel, labour and maintenance costs

Additional haulage truck and loader capacity

put in place

Investment in exploration drilling to increase

reserves and extend mine life successful with initial extension to second quarter 2012

SLIDE 14

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

13

SLIDE 15

14

Exploration and Project Development Pipeline

SLIDE 16

Project Timelines

Project 2010 2011 2012 2013

Tulawaka Extensions Golden Ridge Gokona / Nyabigena UG Bulyanhulu Upper East Nyanzaga – Tusker / Kilimani

Drilling & Resource Definition Scoping Studies Feasibility Studies Project Execution Production 15

SLIDE 17

Tulawaka Underground Extension Programme

Underground exploration & definition drilling to extend the East Zone underground resource continues
Drilling to date shows the mineralised quartz veins extend at least down to Level 10 at Zone 150
Encouraging results show support for life of mine being extended

16

100m

20000 20100 20200 20300 20400 20500 20600 20700 20800 850 850 900 900 950 950 1000 1000 1050 1050 1100 1100 1150 1200 1200

West East

TUGD00291 1.0m @ 35.1g/t TUGD00282 2.5m @ 9.48g/t TUGD00303 1.0m @ 4.31g/t TUGD00287 0.5m @ 10.1g/t TUGD00257 1.0m @ 7.19g/t TUGD00280 0.5m @ 11.2g/t TUGD00260 3.2m @ 125.7g/t D0436 1.4m @ 54.1g/t D0436 4.6m @ 7.39g/t TUDD067 4.0m @ 133g/t TUGD00115 1.0m @ 12.4g/t TUGD00056 2.5m @ 9.69g/t DO459 8.3m @ 6.75g/t TUGD000193 4.1m @ 5.63g/t TUGD00072 3.6m @ 14.78g/t TD00091 1.5m @ 11.58g/t TUGD000198 2.4m @ 6.55g/t TUGD000188 2.5m @ 6.22g/t TUGD00061 2.9m @ 14.6g/t TUGD00044 2.0m @ 3.62g/t

Surface

MINED OUT PIT

2010 – Q4 Intersections 2010 – PRE Q4 Intersections Reserve Mined Stope

Level 10

ZONE 150 ZONE 250 ZONE 400 ZONE 550 MAGAZINE ZONE ZONE 800

TUGD00283 2.3m @ 5.04g/t D0455 1.6m @ 62.95g/t

SLIDE 18

Golden Ridge Project

Infill resource drilling and metallurgical drilling

completed

Geotechnical studies & metallurgical test work

for feasibility study completed

Environmental and social impact assessments

continue

Geological model updated
Working towards announcement of initial

mineral resource

Feasibility study underway

17

SLIDE 19

North Mara – Gokona-Nyabigena Underground Project

Positive scoping study completed for the

Gokona-Nyabigena underground project

Feasibility study underway and scheduled for

completion during H1 2011

Initial high-grade resource of 370koz @ 8.29 g/t

announced during Q4 2010

Aim to increase North Mara ounce profile and

extend mine life

The current phase of exploration drilling is

complete with assays results positive for extending the strike and depth of underground lodes

Elsewhere in the Gokona Corridor exploration

scout drilling continues to target new satellite and stand-alone gold deposits

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! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 12300 12300 12500 12500 12700 12700 12900 12900 13100 13100 13300 13300 13500 500 500 600 600 700 700 800 800 900 900 1000 1000 1100 1100 1200 1200 1300 1300 1400 1400 GKD180W6 23m @ 8.61g/t GKD092W 16m @ 7.05g/t GKD214W2 17m @ 12.11g/t GKD160 16m @ 11.9g/t 40 - 60 20 - 40 <20 60 – 80 >80 Au_grammeter

200m Stage 2 Pit Proposed Stage 3 Pit

Assays Pending DD Complete Fault

Legend

Abandoned

Gokona Fault Gokona West Fault GKD169 30m @ 8.00g/t incl 4m @ 42.6g/t GKD239 13m @ 6.71g/t incl 1m @ 74.3g/t GKD240 NSR GKD242 13m @ 2.72g/t incl 6m @ 4.35g/t GKD243 12m @ 7.56g/t GKD244 GKD245 3m @ 6.02g/t & 7m @ 4.22g/t GKD246 GKD247W1 4m @ 8.78g/t & 7m @ 14.6g/t

SLIDE 20

Bulyanhulu Upper East Zone

Upper East Zone

Completed review of planning models

and action plan formulated

Dewatering and rehabilitation of

existing decline underway

Feasibility study contract award made

and work commenced with completion targeted during the first half of 2011

Project execution decision following

feasibility study completion and work starting shortly after Existing 1.8km decline

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SLIDE 21

Nyanzaga Project

Acquisition of Tusker Gold Limited completed in May

2010

Step-out and infill drilling programmes on Tusker and

Kilimani resource areas continued

Wide, higher grade zones detected on southern end of

Tusker prospect, closer to surface and also potential for higher grades at depth

Scoping study on Tusker and Kilimani resources

scheduled for later in 2011 with feasibility study commencing by year end 2011

Regional exploration programmes targeting geophysical

and geochemical anomalies for further stand-alone and satellite deposits commenced late in Q4 2010

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SLIDE 22

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

21

SLIDE 23

Revenue and Margins

22

Revenue and Production

266 445 446 529 975 290 426 356 345 701 100 200 300 400 500 600 700 800 900 1,000 H1 2009 H2 2009 H1 2010 H2 2010 FY 2010 Revenue ($m) Production (koz)

Price and Margin

Record revenue driven by

– 6% increase in ounces sold – 27% increase in average realized prices

Stability in cost base provided full leverage to

gold prices – Margin per ounce produced of $671 versus $441 in 2009 – Represented a 52% increase over 2009

Cost per tonne milled at the group level fell 2%

to $55/t from $57/t

527 537 529 609 569 376 486 626 712 671 200 400 600 800 1,000 1,200 1,400 H1 2009 H2 2009 H1 2010 H2 2010 FY2010 Cash cost ($/oz)

Avg. margin ($/oz)

SLIDE 24

Cash Cost Reconciliation & Direct Mining Expenses Breakdown

23

533 5 48 18 17 3 35 11 569 4 21 10 22 400 450 500 550 600 Cash cost per

unce - 2009

Equity adjustments - 2009 Sales ounces Co-product Revenue Labour Energy Consumables Contracted Services Maintenance G&A Royalties / Refining Charges Equity adjustments - 2010 Cash cost per

unce - 2010

$ per ounce

Direct mining expenses 2009 ($418.3m) Direct mining expenses 2010 ($437.4m)

Labour, 1 39.6 Energy & fuel, 81 .4 Consumables, 82.8 M aintenance, 64.4 Contractors, 81 .9 G&A, 72.3 Capitalised direct costs, -85.0 Labour, 1 26.5 Energy & fuel, 62.8 Consumables, 86.5 M aintenance, 57.3 Contractors, 59.8 G&A, 68.7 Capitalised direct costs, -43.2

SLIDE 25

EBITDA, Net Income and Dividend

Production and pricing increases fully reflected

in reported EBITDA

Margin increased to 43% from 35% in 2009
EPS of 53.2 cents, up 272% over 2009
Final dividend proposed of 3.7 cents per share

and full year dividend of 5.3 cents per share

24

EBITDA EPS and DPS

Reviewed ($’000s) Full Year ended 31 December 2010 2009 Attributable Net Profit 218,103 58,577 Plus non-controlling interests net profit 4,503 7,440 Plus income tax expense 86,471 84,388 Plus depreciation and amortisation 109,515 93,350 Plus finance expense 1,777 6,062 Less finance income (1,202) (361) EBITDA 419,167 249,456 Margin 43.0% 35.1% Reviewed ($’000s) Full Year ended 31 December 2010 2009 Attributable net profit 218,103 58,577 Earnings per share (cents) 53.2 14.3 Dividends per share (cents) 5.3 n/a

SLIDE 26

EBITDA Reconciliation

25

249 22 148 15 2 1 6 9 427 2 419 10 6 7 5 13 150 200 250 300 350 400 450 500 EBITDA – 2009 Buzwagi EBITDA Volume Price Co-product Revenue Labour Energy Consumables Contracted Services Maintenance G&A Royalties / Refining Charges Operational EBITDA Corp admin Exploration & Other EBITDA – 2010 $m

SLIDE 27

Cash Flow

Cash Flow Generation

Operating cash flow generation underlines the

quality of our production base

Continued investment in the future profitability
f our operations – cash capex spend of $196m

in 2010

Net cash of $401m available to invest in

strengthening the growth profile of ABG

This provides the flexibility to make strategic

acquisitions such as that of Tusker Gold Limited

$150m credit facility finalized during the year

26 Full Year ended 31 December $’000s (Reviewed) 2010 2009 Cash flow from Operating activities 345,141 193,961 Cash used in investing activities (275,555)* (248,448) Cash provided by financing activities 261,978 71,041 Increase (decrease) in cash 331,564 16,555 Foreign exchange difference on cash (278) (136) Opening cash balance 69,726 53,307 Closing cash balance 401,012 69,726

* Includes $63.1 million from acquisition of Tusker Gold Limited

SLIDE 28

Capex Progression – 2009-2013

27

SLIDE 29

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

28

SLIDE 30

Conclusion

Significant production and resource base from which to grow our business going forward
Bulyanhulu and North Mara both operating at forecast production levels, with Buzwagi starting

to see the positive effects of operating initiatives taken, and successful mine life extension atTulawaka

Continuing focus on cost control in order to sustain profitability levels
All growth projects advancing in line with expectations
Strong cash flow generation and capital structure provide significant strategic flexibility

29

Position of strength to continue growing the business

SLIDE 31

1. Overview & highlights

2

2. Operational review

7

3. Exploration & growth projects

13

4. Financial review

21

5. Conclusion

28

6. Appendix

30

SLIDE 32

ABG Senior Management Team

31 Greg Hawkins, Chief Executive Officer

Greg Hawkins is the Chief Executive Officer of the ABG Group. He was previously employed by Barrick where he served as Chief Financial Officer of the Australia Pacific Business Unit from June 2006 onwards. From 1999 to 2006, Greg served in finance management roles for Barrick Australia/Africa, and for Homestake Mining before its acquisition by Barrick. He previously held roles as the Finance Manager for Normandy Mining and as an Audit Manager for Deloitte.

Kevin Jennings, Chief Financial Officer

Kevin Jennings is the Chief Financial Officer of the ABG Group. He was previously employed by Barrick where he served as Vice- President of Corporate Development. Kevin has held a variety of senior management positions in the mining industry over the last ten years, including Director Business Optimisation at Xstrata plc, Director Strategic Business Analysis at Falconbridge Ltd, and CFO at American Racing Equipment Inc, a wholly owned subsidiary of Falconbridge.

Marco Zolezzi, Chief Operating Officer

Marco Zolezzi is Chief Operating Officer of the ABG Group. Prior to this, he was Director of Technical Services for Barrick’s Australia Pacific Region since 2006. Marco has held a number of senior project roles in the industry including five years with Newcrest Mining as General Manager of the Telfer Mine and 13 years with WMC Resources in a number of senior operational and technical roles. He has over 30 years of experience in complex open pit and underground operations in Australia and South Africa with a variety of

perational, technical and project management roles.

Andrew Wray, Head of Corporate Development and Investor Relations

Andrew Wray is the Head of Corporate Development and Investor Relations for the ABG Group. He was previously employed by JP Morgan Cazenove in the Corporate Finance Team. Andrew has over 10 years of experience in advising a range of mining and other companies in their capital-raising activities and in other strategic objectives. Prior to joining JP Morgan, he worked for the Kuwait Investment Office in London, dealing with their portfolio of investments in Spain.

Peter Spora, Vice President - Exploration Peter Spora is the Vice President, Exploration of the ABG Group. He was previously employed by Barrick where he served as Principal Geologist Africa from 2006 to 2008 and Exploration Manager Africa from 2008. Peter has over 15 years of experience as a geologist in Australia and Africa. He is currently the Chairman of the Exploration Committee of the Tanzanian Chamber of Minerals and Energy, and is a member of the Society of Economic Geologists.