(Ecofin Agency) - Kibali, Africa's largest gold mine, is jointly operated by Barrick, AngloGold Ashanti, and the Congolese state-owned company Sokimo. After producing 762,000 ounces in 2023, the mine recorded an 8% drop in production during the first nine months of 2024.

Barrick Gold expects “solid results” from the Kibali gold mine this year, without clarifying if this means increased production or improved operations.  A few weeks ago, Barrick and AngloGold Ashanti, which operate the mine, forecast the mine’s output at 711,000-800,000 ounces. The optimistic forecast contrasts with the mine’s output over the first three quarters of 2024– 509,000 ounces.

However, in a press release dated January 28, Barrick mentioned that the last quarter showed "improved performance" with "record annual throughput" since the mine began operations. Specific figures were not provided, leaving uncertainty about meeting annual targets.

Barrick plans several initiatives to enhance Kibali's efficiency this year. This includes management changes and increased exploration near the site to boost mineable reserves and ensure continuous production. The firm’s management expects these efforts to set Kibali up for success in the new year.

The final results for 2024 will be released in the coming weeks and will be crucial for assessing the mine's performance and future outlook. Located in the northeastern region of the DRC, Kibali is 45% owned by Barrick, 45% by AngloGold Ashanti, and 10% by Sokimo, a state-owned company. In the first nine months of 2024, the DRC's industrial gold output stood at 19,355.41 kilograms. Kibali contributed 99.5% of this volume. Since its launch, the mine has contributed $5.7 billion to the Congolese economy.

This article was initially published in French by Louis-Nino Kansoun

Edited in English by Ola Schad Akinocho