Barrick explores new gold and copper ventures in DRC

20th March 2024 By: Creamer Media Reporter

Barrick explores new gold and copper ventures in DRC

The Kibali mine

Buoyed by the success of Kibali – Africa’s biggest gold mine – Barrick Gold is setting its sights on new opportunities in gold and copper in partnership with the government of the Democratic Republic of Congo (DRC), says president and CEO Mark Bristow.

Bristow, who his on a site visit to the mine, highlighted the mine’s strong production performance, positioning it for another year of value creation.

Kibali is also set to replace the ounces that were being depleted by mining with more of the same high quality.

Bristow also emphasized Kibali’s role in transitioning the 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 which oversees the country’s sub-contracting sector, has already resulted in a range of initiatives, building on Kibali’s industry leading local content strategy.

Furthermore, Kibali is advancing its transition to renewable energy with the planned commissioning of a 16MW 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 the Garamba National Park