The Kibali gold mine
Kinshasa, DRC — Kibali, ranked among the world’s Top 10 gold mines, has made a strong start to 2019 after setting a new production record last year, Barrick President and Chief Executive Officer Mark Bristow said here today. Barrick operates Kibali, which is a joint venture with AngloGold Ashanti and the Congolese parastatal SOKIMO.
Speaking at a briefing for local media and stakeholders, Bristow said Kibali was continuing to break records en route to its 2019 guidance of 750,000 ounces, the latest being the 285,000 tonnes of ore hoisted through the shaft in March1. Throughput and recovery remained at or above nameplate levels and Kibali continued to add new technology to its autonomous mining operation, a field in which it is already an industry leader.
“With Kibali producing at this rate, we are intensifying our focus on reserve and resource replacement. Drilling is targeting the extensions of the KCD Gorumbwa complex of orebodies, along the 30km gold bearing KZ structure, and the western extensions of the Kibali Graben. This has confirmed that there is a substantial potential for replenishing the reserve and resource base,” Bristow said.
“Kibali is one of five Tier One2 gold mines in the Barrick stable and it is an outstanding example of Barrick’s commitment to partnerships. This is demonstrated by the constructive relationship between its three shareholders as well as by its continuing investment in the local economy. During the past quarter the mine spent $38 million with Congolese contractors and the recently initiated Durba road upgrade project is being undertaken by 100% Congolese owned and operated contractors which Kibali developed.”
Bristow noted that, at their meeting in Washington DC earlier this month, the Congolese president, his excellency Felix Tshisekedi, and Barrick Executive Chairman John Thornton had confirmed their joint commitment to a partnership designed to develop the country’s gold mining industry. Follow-up meetings held in-country over the last 24 hours between President Felix Tshisekedi, Bristow and their respective executive teams focused on partnership initiatives and strategies to support the continued growth of the mining industry for the benefit of investors, the Congolese nation and other stakeholders.
“The DRC government is one of our most important partners and we look forward to working with them to create an economic climate capable of attracting large and long-term investments such as the one we made in Kibali. This requires a mining code which equitably balances the interests of the State and the capital providers and allows both to participate fairly in the value creation that the mining industry offers. We are and will continue to engage with the government and administration on the issues around the code introduced last year,” he said.