97% Gold Recovery at Fully Permitted Tanzanian Project Borders AngloGold Ashanti’s Geita Mine
Lake Victoria Gold’s Imwelo Gold Project in Tanzania is fully permitted and lies just 12 kilometers from AngloGold Ashanti’s Geita Mine, with metallurgical testwork confirming approximately 97% gold recovery via conventional gravity and carbon-in-leach processing. Strategic investors Rostam Aziz and Barrick Gold have committed C$11.52 million and hold 5.5 million shares, underscoring emerging resource competition near Geita.
1. Regional Project Overview
Lake Victoria Gold’s Imwelo Gold Project is located in northwestern Tanzania’s Lake Victoria Goldfield, one of Africa’s most prolific gold districts. It is fully permitted and sits just 12 kilometers from AngloGold Ashanti’s Geita Mine, positioning it as a near-term development asset in a well-established mining region.
2. Metallurgical Testwork Findings
Recent testwork confirmed that approximately 84% of the deposit is directly cyanide-leachable, gravity recovery ranges from 42% to 47%, and total gold recovery reaches about 97% under a standard gravity and carbon-in-leach flowsheet. This high recovery rate removes major metallurgical uncertainty and supports predictable project economics.
3. Strategic Investments
Billionaire Rostam Aziz has committed C$11.52 million and holds 16 million LVG shares, while Barrick Gold owns 5.5 million shares at C$0.27. Insiders control over 70% of the float, and LVG retains exposure to up to US$45 million in milestone payments from a 2021 asset sale to Barrick’s Bulyanhulu operation.
4. Implications for AngloGold Ashanti
The development of a fully permitted, high-recovery project adjacent to Geita could add regional gold supply and intensify competition for capital and off-take agreements. AngloGold Ashanti may face potential pressure on local infrastructure, labour markets and future exploration priorities in the Lake Victoria Goldfield.