CORRECTED-Former African Barrick plans underground operations at North Mara

Thu Nov 27, 2014 3:58am EST
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(Corrects RIC in paragraph 1 to from. Corrects spelling in paragraph 4 to Gokona from Gorkana.)

Nov 27 (Reuters) - Acacia Mining Ltd, which changed its name from African Barrick Gold Plc on Thursday, said it would apply for permits to begin underground mining at its North Mara mine in Tanzania.

The company, unveiling its long-term strategy, said the underground project was expected to produce 450,000 ounces of gold over a five-year mine life at an all-in sustaining cost (AISC) of under $750 per ounce.

AISC includes production and exploration expenses.

Acacia said it expected underground production from the Gokona pit at North Mara to begin in the first half of 2015.

The gold miner also said it had signed an exploration joint venture with Canada's Sarama Resources Ltd to work on the South Hounde Project in Burkina Faso.

Apart from North Mara, Acacia has two other producing mines in northwest Tanzania - Bulyanhulu and Buzwagi. It also has exploration projects in Tanzania, Kenya and Burkina Faso. (Reporting by Roshni Menon in Bangalore; Editing by Ted Kerr)