Barrick Mining (NYSE: B) says new drilling along the ARK-KCD corridor at its flagship Kibali mine in the Democratic Republic of Congo has confirmed “significant additional orebodies” that could stretch the Tier 1 asset’s life well beyond its current 10-year plan.
Since pouring first gold in 2013, Kibali has replaced every ounce mined, and in-country investment has now topped $6.3 billion, the company said.
In a call with reporters, CEO Mark Bristow added that a 16 MW solar-plus-battery plant has pushed Kibali’s renewable share to 85%, allowing the site to run entirely on green power for half the year.
Underground productivity upgrades are slated to lift output from the third quarter onward, he added.
Barrick shares rose 0.49 % to $21.33 in New York on Wednesday following the update. The company’s market capitalization stands at $36.7 billion.
In a recent note, RBC reiterated an “outperform” rating and lifted Barrick price target to $26.00, implying a further 22% upside.
Kibali plays a crucial role in the local economy of the DRC’s North East region. Over the past decade, it has helped develop a thriving regional economy, supported by partnerships with local businesses and communities, Barrick said, adding that it has invested almost $3 billion, including deals with local contractors and suppliers.
The gold mine is owned 45% by Barrick, 45% by AngloGold Ashanti and 10% by Société Miniére de KiloMoto (SOKIMO).
