Exploration success secures Kibali’s future, says Bristow
The Kibali mine, in the Democratic Republic of Congo (DRC), being able to replace its reserves beyond depletion will secure its position as one of gold miner Barrick Gold’s tier one assets well into the future, Barrick president and CE Mark Bristow has acclaimed.
Speaking to local media in the country this week, Bristow said the 13-year-old mine, which has just improved its performance for the third consecutive quarter, still had enormous upside.
With its exploration prospect pipeline continuing to expand, it was well set to maintain its business plan for at least another ten years, he indicated.
Kibali’s underground operations are being further extended by two years through the addition of the 11 000 lode to the mine plan. This lode is noted to continue to deliver promising results, unlocking additional value, and remains open down plunge.
Drilling is also under way at the Mengu Hill, Agbarabo, Rhino, Zambula and Makoro targets, which are showing potential as additional underground and openpit satellites.
Bristow said that, with an in-country investment of $4.2-billion, Kibali had made a significant contribution to the DRC’s coffers.
He also posited that the mine had changed the country’s previously undeveloped north-eastern region into a new economic frontier.
During the past quarter, Mines Minister Antoinette N'Samba Kalambayi launched the steering committee that would manage Kibali’s social development fund, based on 0.3% of the mine’s yearly turnover.
An amount of $13.7-million, accrued over the past three years, has already been earmarked for community projects which will be launched this year.
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