Kibali Gold Mine Discovers Major Deposits, Expands Exploration in DRC

At its 54th quarterly press conference on October 8 in Kinshasa, Kibali Gold Mines announced significant new deposit discoveries near its plant, boosting the mine’s long-term growth prospects.

Mark Bristow, Barrick’s Chairman and CEO, shared that these discoveries will help maintain Kibali’s status as Africa’s largest gold mine for years to come.

Bristow revealed that the newly identified “ARK” target, just 4 km from the processing plant, holds the potential for a high-grade deposit of several million ounces.

This discovery, along with deeper extensions of the KCD deposit, will help replenish Kibali’s gold reserves, ensuring sustainable production.

The mine is on track to meet its Tier 1 production and cost targets for 2024, solidifying its position as one of the continent’s most profitable gold operations.

Kibali has also broadened its mining portfolio in the DRC, consolidating new exploration areas for both gold and copper. Over the past 15 years, the mine has fostered regional economic growth through its multi-stakeholder partnership model, supporting local communities and infrastructure development in Haut-Uélé.

To date, Kibali has spent $2.87 billion on payments to local contractors and suppliers, and it is working with the government to strengthen local content initiatives, benefiting over 500 Congolese companies.

On the environmental front, Kibali is advancing its biodiversity efforts by relocating 64 white rhinos to Garamba National Park. Additionally, its renewable energy rate is set to rise from 79% to 85% with the activation of a 16-megawatt solar plant and a battery energy storage system, complementing its three existing hydroelectric plants.

This will enable the mine to run on fully renewable energy for six months of the year, aligning with Barrick’s emissions reduction strategy.

Kibali’s commitment to sustainability and local partnerships continues to shape its role as a pioneering mine in the DRC.