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(Kitco News) - Barrick reported today that Kibali, Africa’s biggest gold mine, stepped up production significantly in the past quarter as part of its planned ramp-up and is well on track to achieve its annual guidance.
Importantly, the company said that successful exploration is expected to more than replace reserves depleted by mining again this year.
Briefing media today, Barrick president and chief executive Mark Bristow said the 10-year-old mine was now rolling out its business plan for the next decade, securing its status as one of the company’s elite portfolio of tier one mines — those capable of producing 500,000 ounces or more of gold for at least 10 years at a cost below the industry average.
Bristow said the creation of a world-class mine and a thriving local economy in one of the DRC’s remotest and least developed regions represented a “triumph” for the successful partnership between Barrick, the country’s government and its host communities.
The Kibali gold mine is located in the northeast of the Democratic Republic of Congo, approximately 220 kilometres east of the capital of the Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1,800 kilometres from the Kenyan port of Mombasa.
The mine is owned by Kibali Goldmines SA which is a joint venture company effectively owned 45% by each of Barrick and AngloGold Ashanti, and 10% by Société Miniére de Kilo-Moto (SOKIMO). The mine is operated by Barrick.
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