Barrick Gold Corporation will be partnering with the DRC government to explore new gold and copper opportunities. This follows the success of Kibali, which Barrick developed into Africa’s largest gold mine.

Barrick president and chief executive Mark Bristow said Kibali was on track for another value-creating year on the back of a strong production performance. It was also well set to replace the ounces that were being depleted by mining with more of the same high quality.

“Kibali has transformed what was previously the disadvantaged north-east region of the country into a new economic frontier and a flourishing commercial hub. Of our $5 billion investment in the DRC, more than half has been spent with local contractors and suppliers, many of whose growth into substantial businesses we have promoted by enhancing their commercial and technical skills and providing them with the opportunities to exercise these. Kibali’s third hydropower station, for example, was built by an all-Congolese team,” he said.

Kibali’s recently announced that a collaboration with the ARSP, the public regulator that oversees the country’s sub-contracting sector, has already resulted in a range of initiatives, building on Kibali’s industry-leading local content strategy.

Meanwhile, Kibali continues its transition to renewable energy with the planned commissioning of a 16 MW solar plant and associated batteries in 2025. The plant will increase the renewable energy use from 81% to 85%, with the mine running solely on renewal power during the six-month rainy season.

In line with its commitment to biodiversity preservation, Kibali has embarked on a feasibility assessment in consultation with the ICCN for the introduction of additional white rhinos into Garamba National Park.

Kibali’s success

The Kibali gold mine is situated in the northeast of the Democratic Republic of Congo, 220 km east of Isiro, 150 km west of Arua, and 1,800 km from Mombasa.

The mine, operated by Barrick, is owned by Kibali Goldmines SA, a joint venture company with 45% Barrick and AngloGold Ashanti and 10% SOKIMO. Kibali, the largest gold mine in Africa, is one of the greenest mines on the African continent.

Kibali achieved its 2023 production guidance and set a new annual throughput record, demonstrating the potential of partnering with host countries and local communities. The company is on track to replace reserves and is ready to work with the government to expand investments and development projects in the DRC.