Barrick Gold (TSX: ABX)(NYSE: GOLD) announced on Tuesday the discovery of significant new gold deposits near its Kibali mine in the Democratic Republic of Congo (DRC). These deposits, found at Africa’s largest bullion operation, are expected to extend the mine’s lifespan and enhance production capabilities.
During a media briefing, President and CEO Mark Bristow highlighted that the new finds are located at the ARK target, just four kilometers from Kibali’s processing plant. He mentioned that these discoveries could potentially lead to a high-grade, multi-million-ounce orebody.
Barrick emphasized that these near-mine discoveries, along with ongoing exploration of the KCD downdip extensions, could help maintain the mine’s reserves. This would also bolster Kibali’s standing as one of Africa’s most cost-effective gold producers.
Kibali, which began gold production in September 2013, plays a vital role in the local economy of DRC’s North East region. Over the last decade, the mine has significantly contributed to the development of the regional economy through collaborations with local businesses and communities.
To date, Barrick has invested $2.87 billion in Kibali, including contracts with local contractors and suppliers, while also collaborating with the DRC government to support over 500 local companies.
The mine is also advancing its social responsibility initiatives, with 41 out of 44 projects under its community development fund already completed. Additionally, nine out of 14 projects associated with the mine’s Cahier des Charges initiative are nearing completion.
In terms of environmental efforts, Kibali is enhancing its biodiversity initiatives, with plans to introduce 64 white rhinos to Garamba National Park. Last year, the mine successfully relocated 16 rhinos to the park as part of its commitment to conservation.
Kibali has also become a significant player in Barrick’s emissions reduction strategy. The mine’s renewable energy usage is set to rise from 79% to 85% once its new 16-megawatt solar plant and battery energy storage system are operational, allowing the mine to operate entirely on renewable energy for half the year.
The Kibali mine is jointly owned by Barrick and AngloGold Ashanti, each holding 45%, while Société Miniére de KiloMoto (SOKIMO) holds the remaining 10%.
