Mining
Monday, January 29th, 2024 5:59 pm EDT
Key Points
- Kibali, the largest gold mine in Africa, is now considered one of the greenest mines on the continent, according to Mark Bristow, Barrick Gold Corp.’s president and CEO.
- The mine already relies on three hydropower stations for much of its electricity, and with the addition of a new 16-megawatt (MW) solar plant and extra battery energy storage, it is expected that the mine’s overall renewable electricity supply will increase from 81% to 85%.
- Barrick Gold Corp. highlights Kibali’s role in promoting automation and serving as a model for responsible mining in Africa, with substantial investments in the Democratic Republic of Congo (DRC), contributing $4.7 billion in royalties, taxes, dividends, and payments to local suppliers. The mine also supports community development projects and biodiversity initiatives, including plans to introduce additional white rhinos to the Garamba National Park.
Mark Bristow, Barrick Gold Corp.’s president and chief executive officer, says Kibali, the largest gold mine in Africa, is now also one of the greenest mines on the African continent.
All amounts are expressed in United States dollars.
Much of the electricity that drives Kibali is already supplied by its three hydropower stations. Once the mine’s new 16-megawatt (MW) solar plant and additional battery energy storage infrastructure, designed to back up the hydropower supply during the region’s dry season, are commissioned, it is expected the mine’s overall renewable electricity supply will increase from 81 per cent to 85 per cent, and for six months of the year its electricity demand will be met entirely by renewable energy.
“Bearing in mind that Kibali is also a leader in automation, the mine is a real role model for mining in Africa. As a long-standing partner of the Democratic Republic of Congo (DRC), we built Kibali in the remote northeast of the country, opening up a new mining frontier and, in the process, also promoted the development of a flourishing local economy,” Mr. Bristow said.
“This partnership has been particularly beneficial for the DRC. Our total in-country investment to date in the form of royalties, taxes, dividends and payments to local suppliers amounts to $4.7-billion. The implementation of community development projects supported by Kibali’s community development fund, which contributes 0.3 per cent of revenue to such projects, continues with 44 new projects launched in 2023. The mine’s new Cahier des Charges scheme, funded by Kibali to the tune of $8.9-million over five years, has also launched 11 projects, with seven nearing completion. We’re also continuing our support for biodiversity with plans under way to introduce additional white rhinos to the Garamba National Park.”
Operationally, Kibali achieved its production guidance for 2023, and set a new annual throughput record in the process. It is also well on target to again successfully replace the reserves mined during the year. Kibali is a standout example of what can be achieved through the company’s commitment to partnering with its host countries and local communities, and the company stands ready to work with the government to grow its investments and development projects in the DRC.
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