Kibali Goldmines: Africa’s Largest Gold Mine Shows Dramatic Growth
The Kibali gold mine in the Democratic Republic of Congo recently announced a significant increase in production in the last quarter. This expansion is part of the mine’s growth plan and puts it on track to meet its annual targets.
According to Dr. Mark Bristow, Chairman of the Board of Kibali Goldmines, the results of exploration operations indicate that the mine has sufficient reserves to offset the reserves depleted by mining this year. This is encouraging news that speaks to the effective management of the mine and its potential for continued growth.
Kibali Goldmines, managed by Barrick Gold Corporation, is among Barrick’s top Tier I mining assets. This status is reserved for mines capable of producing more than 500,000 ounces of gold at a cost below the industry average over a period of at least 10 years. This is an acknowledgment of the importance and performance of the Kibali mine within Barrick’s portfolio.
The success of Kibali Goldmines is not limited to its gold production. The mine also contributes to the economic development of the region and supports local communities. Indeed, in its 10 years of existence, Kibali has invested US$4.6 billion in the country in the form of dividends, royalties and taxes. In addition, the mine favors local suppliers and contractors, which has enabled Congolese players to receive $2.5 billion in contracts.
To ensure its energy production, Kibali Goldmines mainly relies on its three hydroelectric power stations located on the Kibali and Nzoro rivers. However, in order to guarantee constant production during the dry season, the mine is also considering the construction of a solar power plant with a capacity of 16 megawatts. This initiative will increase the share of renewable energy in the mine’s energy network, from 79% to 88%. Thus, Kibali will contribute to the fight against carbon emissions and promote sustainable development in the region.
The success of Kibali Goldmines demonstrates a fruitful partnership between Barrick, the government of the Democratic Republic of Congo and local communities. It also demonstrates the importance of the mining industry in the economic development of the region and underlines Kibali’s commitment to the DRC, both financially and in preserving the environment and supporting local communities