- Barrick Gold’s (ABX) Kibali Gold Mine is adopting automated mining technology to stay ahead of yearly production guidance
- The company has implemented machine learning at the mine’s three hydropower stations
- It has also installed new automation software for underground haulage loaders and commissioned a system for remote stope bogging
- Management believes the mine will be a Tier One producer for the next decade
- Barrick Gold is one of the world’s largest gold producers with mines in North America, South America, Australia and Africa
- Barrick Gold (ABX) is down by 0.34 per cent and is currently trading at $23.24 per share
Barrick Gold’s (ABX) Kibali Gold Mine is adopting automated mining technology to stay ahead of yearly production guidance.
The company has implemented machine learning at the mine’s three hydropower stations, enabling reactive control of its enlarged battery installation, which will further reduce the need for backup diesel generation.
It has also installed new automation software for underground haulage loaders and commissioned a system for remote stope bogging so operators can control loaders from surface.
According to management, the mine is growing its mineral reserves, net of depletion, such that it should remain a Tier One operation for the next decade.
Kibali’s growth has catalyzed the emergence of a thriving local economy in a region previously reliant on subsistence farming. Year-to-date, the mine has spent US$95 million with local contractors and suppliers, many of whom were nurtured by the mine through skills transfer and capacity building.
Mark Bristow, Barrick’s President and CEO, stated,
“Surface control is safer and more efficient, and it also creates employment opportunities for women in an industry where these are not abundant. It’s worth noting that all these operators are Congolese, as Kibali continues to employ and upskill locals in line with Barrick’s global policy of giving preference to host country nationals. Congolese citizens currently make up 94 per cent of Kibali’s workforce including its leadership.
To date, Kibali has contributed US$3.7 billion to the Congolese economy in the form of payments to contractors and suppliers, infrastructure community and support, salaries and royalties, taxes and permits.
The success of our continuing exploration program around the mine confirms the potential for reserve growth from new open pittable resources and extensions to the high-grade underground orebodies, indicating that Kibali will materially benefit the DRC and its people for years to come.”
Barrick Gold is one of the world’s largest gold producers with mines in North America, South America, Australia and Africa.
Barrick Gold (ABX) is down by 0.34 per cent and is currently trading at $23.24 per share as of 11:08 am ET.