Kibali gold mine, the largest in Africa and a flagship operation for Barrick Gold Corporation (NYSE: GOLD), is set to extend its production horizon beyond the current 10-year plan following promising new exploration results in the Democratic Republic of Congo (DRC).
According to Barrick, recent drilling along the ARK-KCD corridor has uncovered significant additional orebodies, enhancing confidence in the long-term future of this Tier One gold asset. Since the mine’s first gold pour in 2013, Kibali has successfully replaced every ounce it has produced, reflecting both the deposit’s strength and Barrick’s commitment to reinvestment.
CEO Mark Bristow, speaking during a media briefing, confirmed that the updated 10-year plan includes new productivity upgrades for the underground operations, which are expected to boost output starting in the third quarter of this year.
Leading the Green Mining Transition
In a major sustainability milestone, Kibali has now reached an 85% renewable energy share, thanks to the commissioning of a 16 MW solar-plus-battery power plant. Bristow noted that this development allows the mine to operate entirely on renewable energy for nearly half the year, positioning Kibali as a leader in low-carbon mining in Africa.
A Decade of Impact and Investment
To date, Barrick has invested over $6.3 billion in the DRC through the Kibali project. Nearly $3 billion of that has been channeled directly into the local economy through partnerships with Congolese contractors, suppliers, and community development initiatives.
“Kibali has grown into more than just a mine—it’s become a catalyst for regional economic transformation in northeastern DRC,” Barrick said in a statement.
The operation has played a pivotal role in improving livelihoods, building infrastructure, and supporting local enterprise development over the past decade, in close collaboration with both the government and community stakeholders.
Ownership and Outlook
Kibali is operated by Barrick, which owns a 45% stake, alongside AngloGold Ashanti (45%) and the DRC’s state-owned SOKIMO (10%).
The recent operational and exploration updates have boosted investor confidence. On Wednesday, Barrick shares rose 0.49% to $21.33 in New York trading, bringing the company’s market capitalization to $36.7 billion. Financial analysts at RBC Capital Markets reaffirmed an “outperform” rating, raising the price target to $26.00, which implies a potential upside of 22%.
Looking Ahead
As Barrick continues to explore and develop Kibali’s full potential, the company has reiterated its commitment to long-term partnerships in the DRC—blending resource development with environmental stewardship and inclusive economic growth.
The next decade at Kibali is set to build on a foundation of geological strength, operational excellence, and shared value with the Congolese people.
