Barrick’s Kibali gold mine set to continue for over 10 years

Africa’s largest gold mine, Kibali, is again on track to replace its reserves beyond the ounces depleted by mining in the previous year. At the same time, new growth opportunities will also support its ten-year-plus business plan and its status as one of Barrick’s Tier One* assets.

Barrick president and chief executive Mark Bristow told the media that Kibali’s prolific KCD orebody was continuing to deliver additional value with current drilling focused on converting resources into reserves and exploring the lodes which are still open down plunge. In addition, the Mengu Hill, Ikanva and Gorumbwa targets are showing the potential for joining Kibali’s underground portfolio.

“Kibali is a highly cost-efficient operation with its three world-class hydropower stations supplying much of its energy requirements. They will be supplemented by a new 17MW solar plant which, when completed in 2025, will raise the renewable component of the mine’s energy mix from 81% to 93%,” Bristow said.

Green credentials

Kibali’s green credentials also include its continuing reduction in the use of freshwater from the Kibali River and a reforestation program, which to date, has planted more than 10 000 trees. The mine’s biodiversity support for the DRC’s Garamba National Park is being extended with the re-introduction of rhinos sourced in South Africa. The first 16 are expected in Garamba by the end of the second quarter of this year and they will be followed by another 60 over the next three years.

In line with Barrick’s global policy of employing and advancing host country nationals, Arthur Kabila has been appointed as Kibali’s first Congolese general manager. A further eight key management and technical positions were filled by the Congolese last year.

*A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500 000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

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