TORONTO (CP) -- Barrick Gold  has commenced production this quarter, as scheduled, at its new Tulawaka mine in Tanzania, the first of four new global mining projects it is developing, the company said Tuesday.
Barrick said it expects Tulawaka will produce up to 75,000 ounces of gold at total cash costs of between $210 and $220 US per ounce in 2005.
Tulawaka is 70 per cent owned by Barrick and 30 per cent by Northern Mining Explorations Ltd.
''Anytime a new mine pours its first gold, it is very exciting,'' Barrick chief operating officer Peter Kinver said in a statement. ''I will have the privilege of witnessing four gold pours over the next year as our new suite of mines comes into production.''
Barrick's Lagunas Norte project in Peru and Veladero in Argentina are on schedule to begin producing in the third and fourth quarters of this year, respectively. The fourth project, Cowal in Australia, is scheduled to begin production in the first quarter of 2006.
For 2004, Barrick made $248 million, or 46 cents per share, up from $200 million or 37 cents per share in 2003.
Barrick is a Toronto-based gold producer with operations and development projects in North and South America, Tanzania, and Australia.
Its shares gained seven cents to close at $30.82 in Tuesday trading on the Toronto Stock Exchange.