Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Barrick’s Kibali gold mine celebrated a significant achievement in the last quarter of the year, recording its highest yearly throughput since its commissioning.
This landmark highlights the mine’s unwavering commitment to operational excellence and its ability to deliver stellar results.
Sebastiaan Bock, Barrick’s chief operating officer for Africa and the Middle East, remarked, “2024 was a challenging year which necessitated a reset and some leadership changes.
Despite this, the year has demonstrated that Kibali is a consistent and efficient low-cost producer. The mine is well-positioned to build on this foundation and deliver strong results in 2025 and beyond.”
The management team has been fortified, and exploration is now concentrated on highly prospective areas within the Kibali permit.
These areas promise significant potential for new gold discoveries within trucking distance of the plant, aimed at enhancing the mine’s reserve pipeline.
“Barrick is also making significant strides in constructing a 16MW solar plant at Kibali to help reduce its carbon dioxide emissions from 45kt to 24kt per year. Not only is it the largest gold mine in Africa and a global leader in automation, but it is also rapidly becoming a model for renewable energy in African mining,” Bock added.
Kibali’s electricity is largely supplied by three hydropower stations. The new solar plant and battery energy storage system, expected to be completed by June this year, will help Kibali reduce its fuel consumption by 53% while increasing the renewable component of its energy mix from 81% to 85%. Designed to back up the hydropower supply during the region’s dry season, it will enable Kibali to operate with 100% renewable power for six months of the year.
Kibali maintained its ISO 45001 (Occupational Health and Safety) and ISO 14001 (Environmental Management) certifications, underscoring Barrick’s high standards in responsibly managing its operations.
Fresh water extraction from the Kibali river was reduced from 15% to 11% for the year, thanks to a modification of the water reticulation system, and four electric 50-tonne trucks were delivered on-site for trialing.
Barrick’s dedication to biodiversity and enhancing the natural environment remains a priority. In partnership with African Parks, the company is working to reintroduce 64 additional white rhinos into Garamba National Park, building on the successful release of 16 rhinos in 2023.
Kibali has contributed over $5.7 billion to the Congolese economy to date. Of this, $3 billion has been spent with local suppliers and service providers.
“We continue to work hand-in-hand with the Congolese people, supporting local businesses, creating jobs, and improving livelihoods,” Bock stated.
As part of its ongoing efforts to boost local content, Barrick has worked closely with the Congolese regulator, ARSP, to improve opportunities for local companies. All tenders are now published through the mine and ARSP’s website, supporting over 500 Congolese companies in the region.
Furthermore, Barrick has heavily invested in community development projects through its 0.3% of revenue community development fund.
To date, 41 out of 44 planned projects have been successfully completed, with several more set for 2025. The mine is also progressing with its Cahier des Charges initiative, having already completed three projects and preparing several more for handover.
In 2024 alone, $4.4 million was invested in these community development efforts.
Impact on the Global Market and the DRC Economy
The positive performance of the Kibali gold mine has had a ripple effect on the global market, instilling confidence in Barrick’s operational capabilities and boosting investor sentiment.
The mine’s success reinforces the DRC’s position as a key player in the global gold market.
For the DRC economy, Kibali’s contributions are substantial. The mine’s significant financial input supports economic growth, job creation, and local enterprise development, bolstering the nation’s overall economic stability and development.
Barrick’s ongoing investments in infrastructure, renewable energy, and community projects further amplify the positive impact on the Congolese economy, making Kibali a beacon of progress and sustainable development in the region.
Read More:Lumwana Mine Expansion Promises Economic Surge for Zambia’s Mining Sector – Jaina News
Massive Economic Boost: Tanzania Mining Sector’s Transformative Milestones – Jaina News
Mali’s Gold Exports Plummet: Government Orders Halt Barrick’s Operations – Jaina News
