KINSHASA, DRC – With global gold prices reaching their highest levels in weeks, Barrick Mining’s Country Director in the Democratic Republic of Congo, Cyril Mutombo, is urging the Congolese government to reform its mining policies to unlock the country’s full gold potential and attract more long-term investment.
Mutombo delivered his remarks on June 12, 2025, during a panel discussion at DRC Mining Week, where he emphasized that the current economic climate presents a golden opportunity for the country—provided it implements strategic reforms.
“As gold prices rise, so do the opportunities for the DRC,” Mutombo said. “But we need the right policy environment to capitalize on them.”
Global Gold Surge Offers Opportunity
Gold prices soared on the same day Mutombo spoke, with spot gold climbing 0.9% to $3,383.79 per ounce and U.S. futures rising 1.8% to $3,404.60. The rally is attributed to geopolitical instability in the Middle East, softening U.S. economic indicators, and expectations of interest rate cuts by the Federal Reserve.
“The current market rally is being driven by a mix of factors—geopolitical uncertainty, weakening currencies, and increased central bank demand for gold as a safe-haven asset,” said Mutombo, adding that some analysts predict prices could approach $4,000 per ounce.
Despite the bullish outlook, Mutombo cautioned that any downturn in global markets could quickly reverse these gains. “Strategic investments now will help cushion the country against future volatility,” he warned.
Reforming Policy and Taxation
Mutombo called for a more structured and investor-friendly mining framework, especially to scale up industrial mining and reduce dependence on artisanal operations, which he described as inefficient and often linked to conflict zones.
“A country with the DRC’s mineral wealth should have multiple fully operational gold mines supported by robust infrastructure—especially in roads and energy,” he said.
On fiscal policy, Mutombo criticized the high tax burden faced by mining companies and the frequent amendments to the Finance Act, which he said create investor uncertainty.
“Legal and fiscal stability is critical. We need consistent policies and predictable tax structures. When you reduce excessive taxes, you actually create space for increased investment, which in turn expands the tax base,” he explained.
Formalizing Artisanal Mining
Mutombo also urged the government to formalize and regulate small-scale and artisanal mining, stressing its potential to create employment if properly managed.
“Currently, there are hardly any designated mining zones for small-scale operators. With proper planning and support, this sector could offer significant economic benefits, especially for young people,” he said.
Barrick’s Footprint in the DRC
Barrick, through its subsidiary Kibali Gold Mine SA, operates one of Africa’s largest gold mining complexes in Haut-Uélé province. The Kibali mine, near Durba in Watsa territory, is a key pillar in the company’s African operations and plays a vital role in regional economic development.
As the DRC continues to position itself as a top-tier mining destination, Mutombo’s message was clear: policy certainty, fiscal reform, and infrastructure development will be the cornerstones of sustainable growth in the sector.
