Kibali Gold Mine Set for Long-Term Expansion as Barrick Confirms Major New Orebodies

Barrick Gold (NYSE: GOLD) announced that recent drilling along the ARK-KCD corridor at its flagship Kibali mine in the Democratic Republic of Congo (DRC) has revealed significant new orebodies.

These discoveries could extend the life of the Tier 1 asset well beyond its current 10-year production plan.

Since commencing production in 2013, Kibali has successfully replaced every ounce of gold it has mined. Barrick noted that its total in-country investment has now exceeded $6.3 billion.

Speaking to reporters, CEO Mark Bristow highlighted that a newly installed 16-megawatt solar-plus-battery plant has increased the site’s renewable energy share to 85%.

This upgrade enables Kibali to operate entirely on green power for approximately half the year.

Underground productivity improvements are also expected to boost gold output starting in the third quarter of this year, Bristow added.

Following the announcement, Barrick’s stock rose 0.49% to close at $21.33 on Wednesday in New York. The company currently holds a market capitalization of $36.7 billion.

In a recent research note, RBC Capital Markets reiterated its “outperform” rating on Barrick and raised its price target to $26.00, suggesting a potential 22% upside.

Kibali remains a cornerstone of economic development in northeastern DRC. Over the past decade, the mine has helped build a robust regional economy, supported by extensive partnerships with local communities and businesses.

Barrick reported it has invested nearly $3 billion through agreements with local contractors and suppliers.

The Kibali mine is jointly owned by Barrick (45%), AngloGold Ashanti (45%), and Société Minière de Kilo-Moto (SOKIMO), which holds a 10% stake.