Barrick Gold Corporation announced a new 10-year plan for the Kibali mine in the Democratic Republic of Congo (DRC), aiming to establish it as one of the company’s elite Tier One mines. Kibali is capable of producing over 500,000 ounces of gold annually for at least a decade at a cost below the industry average, with reliance on renewables for its energy needs.
Kibali, also Africa’s largest gold mine, has increased production significantly in the past quarter as part of its planned ramp-up and is on track to meet its annual goals. The mine expects successful exploration to replenish reserves depleted by mining.
Kibali currently relies on hydropower stations for its energy needs, but plans to construct a 16MW solar farm to complement the hydropower during the dry season.
This solar farm is expected to increase the mine’s renewable energy contribution from 79% to 88%, enabling Kibali to operate entirely on renewables during the wet season.
Barrick’s CEO, Mark Bristow, highlighted the positive impact of Kibali on the DRC. Over the past decade, the mine has contributed $4.6 billion to the country through dividends, royalties, and taxes. Kibali prioritizes local procurement, with $2.5 billion awarded to Congolese suppliers and contractors.
Barrick has also supported conservation efforts in the DRC’s Garamba National Park, including the successful reintroduction of white rhinos. Sixteen rhinos have been reintroduced, and an additional 60 are scheduled to be delivered over the next three years.
Source: PRESS RELEASE
Image of the Kibali Gold Mine: Barrick