- Barrick Gold’s (ABX) Kibali gold mine is maintaining momentum on course to its 2021 production target
- The mine is continuing to replace its reserves faster than it’s mining them
- It now boasts a resource base approaching 2013 levels when it first went into production
- Since its development, Kibali has pumped US$3.6 billion into the Congolese economy with over 94 per cent of its employees hailing from the country
- Barrick Gold is one of the world’s largest gold producers, operating mines in North America, South America, Australia and Africa
- Barrick Gold (ABX) is up by 1.75 per cent and is currently trading at $26.425 per share
Barrick Gold’s (ABX) Kibali gold mine is maintaining momentum on course to its 2021 production target.
Thanks to an aggressive near-mine exploration program, the mine is continuing to replace its reserves faster than it’s mining them. It now boasts a resource base approaching 2013 levels when it first went into production.
Since its development, Kibali has pumped US$3.6 billion into the Congolese economy. Year to date, it has paid US$73.8 million to local businesses, in line with its policy of prioritizing Congolese contractors and suppliers. The mine also prioritizes local employment; of the 5,341 employees and contractors on-site at the end of June, 94 per cent were Congolese nationals.
Kibali is also largely reliant on clean energy generated by its three hydropower plants. In addition, its water recycling rate stands at 78 per cent, and its reforestation efforts in the surrounding area resulted in 6,716 trees planted this past quarter.
Mark Bristow, Barrick’s CEO, commented,
“Kibali should be able to sustain its production rate well beyond the 10-year timetable in its current business plan, thus continuing to create economic benefits for its stakeholders in a region where its presence has already had a profoundly positive impact.”
Barrick Gold is one of the world’s largest gold producers, operating mines in North America, South America, Australia and Africa.
Barrick Gold (ABX) is up by 1.75 per cent and is currently trading at $26.425 per share as of 2:28 pm ET.