Kibali mine set for a 10-year plan
Barrick, the company that operates the Kibali mine in the Democratic Republic of Congo (DRC) has announced plans to roll out a 10-year plan for the mine.
Barrick’s president and CEO, Mark Bristow, revealed the plans and said the move aims to secure Kibali’s status as one of its elite Tier One mines. The mine has seen a significant increase in production in the past quarter, as part of its planned ramp-up.
The mine is on track to achieve its annual production guidance. Successful exploration efforts are expected to replace the reserves depleted by mining, ensuring a continuous supply of gold. It is further capable of producing 500,000 ounces or more of gold for at least 10 years at a cost below the industry average.
Kibali mine
The Kibali mine relies mostly on three hydropower stations on the Kibali River for its power needs. To further enhance its renewable energy capacity, a 16MW solar farm is planned to back up the hydropower during the DRC’s dry season. This will increase the mine’s renewable power contribution from 79% to 88%, allowing Kibali to operate entirely on renewables during the wet season.
Barrick’s president and CEO, Mark Bristow, highlighted the positive impact of the mine on the local economy and communities in the remote and underdeveloped region of the DRC. Over the past 10 years, Kibali has contributed $4.6 billion to the country through dividends, royalties, and taxes. The mine prioritizes Congolese suppliers and contractors, who have received $2.5 billion to date as part of Barrick’s local procurement policy.
Barrick’s commitment to the DRC is also demonstrated through its support for the Garamba National Park. The company has contributed to the conservation of biodiversity in the park and has played a leading role in reintroducing white rhinos, which had not been seen there for 13 years. Sixteen rhinos were successfully reintroduced last month, with plans to deliver an additional 60 over the next three years.
In addition to its mining operations, Kibali is involved in community development through the Cahier des Charges program, which has launched eleven projects in 2023. Seven of these projects are scheduled for completion in July. Over five years, the mine is investing $8.9 million in this initiative. The community development fund is also implementing several new projects. Overall, Kibali’s increased production, focus on renewable energy, contribution to the local economy, and commitment to community development demonstrate its significant impact in the DRC.
