KINSHASA, Democratic Republic of Congo, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE) (TSX) has announced promising near-mine discoveries poised to extend the lifespan of Kibali, Africa's largest gold mine, well into the future. The significant discoveries, located within trucking distance of the processing plant, are expected to further strengthen Kibali’s position as one of the most productive and cost-efficient gold mines on the continent.
According to Barrick President and CEO Mark Bristow, the newly defined ARK target, just four kilometers from the Kibali processing plant, holds the potential for a high-grade, multi-million ounce orebody. This development, coupled with ongoing exploration in the KCD downdip extensions, ensures that Kibali can continue replenishing its gold reserves with high-quality ounces despite ongoing mining operations.
Expanding Barrick's DRC Footprint Barrick is also consolidating its exploration efforts for both gold and copper in the region, aiming to expand its footprint within the Democratic Republic of Congo (DRC). These efforts are a testament to Barrick's long-term commitment to unlocking the country's vast mineral potential while fostering sustainable local development.
A Catalyst for Regional Growth Bristow emphasized Kibali's role as a frontier mine, which has significantly contributed to the development of the remote North East region of the DRC. Over the past 15 years, Kibali has created a thriving local economy, supported by Barrick’s multi-stakeholder model of engaging with local businesses and communities. To date, the mine has spent $2.87 billion with local contractors and suppliers.
Kibali is actively collaborating with the government to enhance local content initiatives, benefiting over 500 local companies. In addition, 41 out of 44 projects targeted under the mine’s community development fund have been successfully completed, while nine of 14 projects supported by its Cahier des Charges initiative are nearing completion.
Commitment to Sustainability and Biodiversity As part of its commitment to biodiversity preservation, Kibali is advancing plans to expand its conservation efforts by relocating 64 white rhinos to Garamba National Park, building on the success of last year’s relocation of 16 rhinos.
Kibali also plays a critical role in Barrick’s emissions reduction strategy. Once its new 16-megawatt solar plant and battery energy storage system come online, complementing its three hydropower stations, Kibali's renewable energy capacity will rise from 79% to 85%. For six months of the year, the mine’s energy needs will be entirely met by renewable sources.
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