Barrick Expands into Copper Exploration in the DRC
Barrick Gold is advancing its copper exploration efforts in the Democratic Republic of Congo (DRC), having already secured exploration permits in Haut-Katanga, according to Cyril Mutombo, the company’s Country Director.
Speaking at the Investing in African Mining Indaba on February 5, 2025, he emphasized that exploration is the foundation of any mining project.
Barrick has significant expertise in copper production, with existing operations in Zambia and Pakistan. The company is investing over $3 billion in expanding its Zambian copper mine, while its Pakistan mine is expected to produce for nearly 100 years.
“We always start with exploration because it is the foundation of mining,” said Mutombo. “Buying an already developed project involves speculation. Exploration allows us to build from the ground up and make informed investment decisions.”
The electricity shortage in Greater Katanga will not deter Barrick’s expansion plans. Mutombo noted that the company has experience in managing energy challenges, citing Kibali Gold Mine as an example.
At Kibali, Barrick initially relied on a 43MW thermal power plant, later transitioning to hydropower to cut costs and reduce carbon emissions. The company built:
- Nzoro 2 Hydropower Plant (22MW) in 2015
- Ambarau Hydropower Plant (10.3MW) in 2016
- Azambi Hydropower Plant (10.1MW) in 2018
Barrick also deployed a battery energy storage system to stabilize power fluctuations.
With its expertise in both copper mining and energy solutions, Barrick is confident in overcoming infrastructure challenges as it moves forward with its copper ambitions in the DRC.
