Barrick Gold touts new discoveries at DRC’s Kibali mine

Barrick Gold (TSX: ABX)(NYSE: GOLD) announced on Tuesday significant new gold deposits near its Kibali mine in the Democratic Republic of Congo (DRC). The new deposits at Kibali, Africa’s largest bullion operation, promise to extend the mine’s life and boost production.

In a media briefing on Tuesday, president and CEO Mark Bristow said the fresh discoveries are at the ARK target, located just four kilometres from Kibali’s processing plant. He noted they could potentially yield a high-grade, multi-million-ounce orebody. 

These near-mine discoveries, alongside ongoing exploration of KCD downdip extensions, could ensure the mine’s ability to continually replenish its reserves, Barrick said. They would also boost Kibali’s reputation as one of Africa’s most cost-efficient gold producers, it noted.

Kibali, which produced first gold in September 2013, plays a crucial role in the local economy of the DRC’s North East region. Over the past decade, it has helped develop a thriving regional economy, supported by partnerships with local businesses and communities.

To date, Barrick has invested $2.87 billion in Kibali, including deals with local contractors and suppliers, and is working with the DRC government on initiatives to support over 500 local companies.

Kibali is also advancing its social responsibility initiatives, with 41 of 44 projects under its community development fund already completed. Nine out of 14 projects backed by the mine’s Cahier des Charges initiative are nearing completion, Barrick said.

On the environmental front, Kibali is expanding its biodiversity efforts, with plans to add 64 white rhinos to Garamba National Park. Last year, the mine successfully relocated 16 rhinos to the park as part of its commitment to conservation.

Kibali has become a key contributor to Barrick’s emissions reduction goals. The mine’s renewable energy penetration will increase from 79% to 85% when its new 16-megawatt solar plant and battery energy storage system are operational, with the mine running entirely on renewable energy for half the year.

The gold mine is owned 45% by Barrick, 45% by AngloGold Ashanti and 10% by Société Miniére de KiloMoto (SOKIMO).