Kibali Breaks Revenue Record as Gold Prices Surge Despite Lower Output
Kibali Gold Mine Revenue Tops $2.3 Billion in 2025 as Rising Gold Prices Offset Production Dip
The Kibali gold mine in northeastern Democratic Republic of Congo delivered record financial results in 2025, generating approximately $2.3 billion in total revenue the strongest performance since large-scale production began in 2014.
Operator Barrick Mining, which holds a 45% stake in the mine, reported that its attributable share amounted to $1.04 billion. On a full ownership basis, Kibali surpassed the $2 billion revenue mark for the first time, representing a 40% increase compared with 2024, which had previously been its best year on record.
Production Slips, But Prices Climb
The revenue milestone came despite a slight drop in output. Kibali produced roughly 673,000 ounces of gold in 2025, compared with nearly 687,000 ounces in 2024 a decline of about 2%. Production also fell marginally short of the annual guidance target of at least 688,000 ounces.
Lower ore grades and reduced extraction from high-grade underground zones weighed on volumes. In addition, a fatal accident during the fourth quarter led to temporary operational interruptions, further affecting year-end production levels.
However, robust gold prices more than compensated for lower output. Barrick achieved an average realised price of $112,210 per kilogram in 2025, a 45% increase from the prior year.
Broader market data from the World Gold Council indicates that average global gold prices rose by approximately 44% during the year, supported by strong investor demand and persistent geopolitical uncertainty.
Stronger Earnings Contribution
Higher prices significantly boosted Kibali’s contribution to Barrick’s overall earnings. Although operating costs rose by 13%, the mine delivered $527 million to group results, up from $316 million in 2024 a 67% year-on-year increase.
This follows a 30% rise in earnings contribution the previous year, underscoring Kibali’s growing importance within Barrick’s African portfolio.
The performance also benefits joint venture partners AngloGold Ashanti, which holds a 45% interest, and Sokimo, which retains a 10% stake.
Outlook for 2026
Looking ahead, Barrick has guided Kibali’s 2026 production between 600,000 and 688,889 ounces, lower than the previous year’s guidance range. Output will depend on geological conditions, underground development progress and scheduled maintenance activities.
With gold prices remaining elevated and forecasts from major banks pointing to continued strength in the market, Kibali is positioned to remain a major revenue driver within Barrick’s global operations, even as production levels fluctuate.
SOURCE:bankable.africa
