- Barrick Gold’s (ABX) Kibali mine remains on track to achieve its full-year target
- The project is located in The Democratic Republic of the Congo
- The Kibali mine produced 191,612 ounces of gold in the first quarter of 2021
- A new 9MW battery support system will decrease the need for diesel-generated backup
- Barrick Gold is down 0.43 per cent on the day, with shares trading at C$27.69 at 12:48 pm ET
Barrick Gold’s (ABX) Kibali mine remains on track to achieve its full-year target.
The project is located in The Democratic Republic of the Congo.
The Kibali mine produced 191,612 ounces of gold in the first quarter of 2021.
The mine’s underground operation continued to drive production and continuing improvements in the plant’s throughput and recovery rates also contributed to Kibali’s on-plan delivery, according to the company.
The project was also able to reduce its carbon footprint.
Power generation costs benefitted during the quarter from higher river levels as the mine’s three hydropower plants supplied the bulk of its energy requirements. The power grid was further enhanced by the installation of a 9MW battery support system. The new system will also decrease the need for diesel-generated backup, in line with the mine’s strategy of reducing its carbon footprint.
“We look forward to working closely with His Excellency President Felix Tshisekedi and his new coalition government in further strengthening our partnership with the DRC and to resolve certain outstanding issues around the mining code and the repatriation of cash,” Barrick chief executive Mark Bristow.
Development of Kibali began in 2010.
Barrick Gold is down 0.43 per cent on the day, with shares of the company trading at C$27.69 at 12:48 pm ET.
