Kibali Mine Achieves Record Performance as 2024 Closes
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) proudly announced that its Kibali gold mine achieved phenomenal performance by the end of the year, marking the highest yearly throughput since its inception. This achievement highlights Kibali's unwavering dedication to operational excellence and its ability to yield impressive results.
Leadership and Strategic Initiatives
Sebastiaan Bock, Barrick's Chief Operating Officer for Africa and the Middle East, stated, "2024 posed several challenges that required a reset and changes in leadership. Nevertheless, Kibali showcased its status as a consistent, efficient, low-cost producer. The mine is strategically positioned to capitalize on this strong foundation and achieve even greater success in 2025 and the years to follow."
Focus on Exploration and Renewable Energy
The management team has been bolstered with a renewed focus on exploration in promising areas within the Kibali permit, aimed at uncovering new gold deposits within a practical distance from the processing plant. This approach is strategically designed to enhance the mine's reserve pipeline.
Barrick is also advancing the construction of a 16MW solar power plant at Kibali, a significant step towards reducing carbon emissions by nearly half, from 45kt to 24kt per year. "Kibali isn’t just the largest gold mine in Africa; it's emerging as a pioneer for renewable energy solutions within the mining sector," Bock remarked.
While much of Kibali’s electricity comes from three hydropower stations, the solar plant and a new battery energy storage system—set for completion soon—will enable a 53% reduction in fuel usage and elevate the renewable component of its energy mix from 81% to 85%. This initiative is especially beneficial during the dry season, allowing the mine to leverage 100% renewable energy for six months annually.
Commitment to Safety and Sustainability
Kibali has consistently met high operational standards, maintaining its ISO 45001 and ISO 14001 certifications in occupational health and safety as well as environmental management. Moreover, the mine has reduced fresh water extraction from the Kibali River from 15% to 11%, thanks to enhancements in its water reticulation system. Additionally, four 50-tonne electric trucks are currently under trial on-site, representing a push towards sustainable mining practices.
Positive Economic Impact and Community Development
Barrick remains deeply committed to promoting biodiversity and enhancing the natural environment. Collaborating with African Parks, the company is aiding in the reintroduction of 64 white rhinos into local reserves, furthering the successful release of 16 rhinos last year.
The Kibali mine has significantly contributed to the local economy, injecting over $5.7 billion into the region, with approximately $3 billion directed towards local suppliers and service providers. "Our partnership with the Congolese community focuses on uplifting local businesses, generating employment, and enhancing livelihoods," mentioned Bock.
To foster local content, Barrick has been working closely with the Congolese regulator, ARSP, to create new opportunities for domestic companies. All tenders are now publicly accessible through the official mine and ARSP channels, ensuring ongoing support for over 500 local enterprises.
Moreover, Barrick has invested in numerous community development initiatives via its 0.3% revenue contribution fund. Out of 44 planned projects, 41 have been completed, with more initiatives slated for the upcoming year. The mine is also making strides with its Cahier des Charges initiative, having successfully completed several projects while preparing additional ones for handover, with total community development investments reaching $4.4 million in 2024.
Frequently Asked Questions
What achievements did Kibali mine secure in 2024?
Kibali mine reported its highest yearly throughput since its launch, demonstrating operational excellence.
How is Barrick Gold enhancing renewable energy at Kibali?
A solar plant is being built to cut carbon emissions significantly, alongside existing hydropower stations.
What economic benefits has the Kibali mine brought to the local community?
The mine has invested over $5.7 billion into the Congolese economy and fostered local business partnerships.
What initiatives is Barrick pursuing for community development?
Barrick operates a community development fund, having completed numerous projects to support local needs.
How does Barrick ensure sustainable mining practices?
Through certifications, technological advancements, and initiatives focusing on biodiversity and efficient resource use.
