Barrick Advances Kibali Growth Strategy as Feasibility Work Continues at DRC Gold Mine
Barrick’s Kibali Gold Mine Expansion Studies Continue as Company Focuses on Long-Term Growth in DRC
Kibali remains a central part of Barrick Mining’s long-term strategy in the Democratic Republic of Congo, with ongoing feasibility and development studies indicating that the company continues to evaluate opportunities to extend the life and value of one of Africa’s largest gold mines.
In late June, Thijs Goense announced that he had joined Barrick as a Feasibility Studies Manager at Kibali, a move that signals continued technical and development work at the operation as the company undergoes a period of strategic and leadership transition.
Goense said his role would focus on supporting the advancement of Kibali’s potential expansion opportunities, progressing feasibility studies toward implementation, and working with the mine’s technical teams to support future development plans.
Strategic Review and Leadership Changes at Barrick
The appointment comes as Barrick undergoes changes following the departure of former Chief Executive Officer Mark Bristow in 2025.
Mark Hill initially took over as interim chief executive before being appointed CEO in 2026.
Under the new leadership, Barrick has undertaken a strategic review of its global portfolio, with increased attention on improving returns and maximising value from its assets.
The review has prompted market interest in the future direction of some of Barrick’s international operations, including its African assets.
However, the company has not announced any decision to sell or restructure Kibali, and the mine remains an important component of Barrick’s global gold portfolio.
Potential to Extend Kibali’s Mine Life
The continuation of feasibility work highlights Barrick’s interest in unlocking additional value from Kibali’s extensive mineral resources.
The company has previously identified the ARK-KCD corridor as an area with significant exploration potential that could support future resource growth and extend the mine’s operating life.
Exploration activities have strengthened confidence in the continuity of the mineralised system, although Barrick has not provided details on a potential expansion timeline, capital requirements or a final investment decision.
Kibali’s development has historically been based on replacing mined reserves through exploration and resource conversion. Barrick has stated that continued investment in exploration remains essential to maintaining the mine’s long-term production profile.
While the appointment of a feasibility studies manager indicates that technical evaluations are progressing, it does not confirm that an expansion project has been approved or that construction of new facilities is imminent.
Kibali Remains a Major Gold Asset
Kibali is one of the most important industrial mining operations in the Democratic Republic of Congo and a cornerstone of the country’s gold sector.
The mine is operated through a joint venture structure in which Barrick holds a 45% interest, AngloGold Ashanti owns 45%, and Congolese state-owned mining company Sokimo holds the remaining 10%.
Because of its scale, production profile and economic importance, major decisions regarding Kibali’s future development require coordination between all partners.
The mine has consistently ranked among Africa’s leading gold producers and has played a significant role in the development of the DRC’s industrial mining sector.
Its operations have contributed to employment, exports, government revenues and local economic development in the Haut-Uélé province.
Long-Term Importance for Barrick and the DRC
For Barrick, Kibali remains a strategic asset that demonstrates the company’s long-term approach to mining in Africa.
The operation has combined large-scale production with exploration-led resource replacement, partnerships with local stakeholders and investment in surrounding communities.
For the Democratic Republic of Congo, Kibali represents one of the country’s few globally significant gold mining operations and remains a major contributor to industrial gold production.
As Barrick continues its portfolio review and evaluates future growth opportunities, developments at Kibali will remain closely monitored by investors, industry participants and the Congolese government.
The continuation of feasibility studies suggests that the company sees further potential at the mine, although any expansion will depend on technical studies, investment decisions and agreement among joint venture partners.
