Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Investing

Barrick to Look for More Gold and Copper Through DRC Partnership

by March 26, 2024
March 26, 2024
Barrick to Look for More Gold and Copper Through DRC Partnership

Barrick Gold (TSX:ABX,NYSE:GOLD) is setting its sights on expanding its operations through a partnership with the Democratic Republic of Congo (DRC) that would open up new gold and copper opportunities for the company.

Kibali — the company’s joint venture with AngloGold Ashanti (NYSE:AU,JSE:ANG) — continues to set production records after another successful year, punctuated by the 343,000 ounces of gold it produced in 2023.

Barrick is forecasting higher attributable production from Kibali in 2024, setting a goal of 320,000 to 360,000 ounces.

The company also believes the DRC-based gold mine is set to replace the ounces it depletes through mining.

Barrick President and Chief Executive Mark Bristow, through a March 20 press release, commented on the strong returns yielded by the company’s Congolese investment, which has become Africa’s largest gold mine.

“Kibali has transformed what was previously the disadvantaged north-east region of the country into a new economic frontier and a flourishing commercial hub,” he said. “Of our US$5 billion investment in the DRC, more than half has been spent with local contractors and suppliers, many of whose growth into substantial businesses we have promoted by enhancing their commercial and technical skills and providing them with the opportunities to exercise these.’

Kibali is also in the process of transitioning to renewable energy. Barrick said it plans to commission a 16 megawatt solar plant and associated batteries next year, increasing renewable energy use from 81 to 85 percent.

The mine will run only on renewable power through the DRC’s six month rainy season.

While Kibali is a gold-focused operation, the DRC is not a top 10 producer of the yellow metal. However, copper production in the country has been rising in recent years, and the DRC took the third top spot in 2023.

The DRC is also one of the world’s leading producers of the critical minerals cobalt and tantalum.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Awalé Hits 45.7 g/t Gold over 32m at the Odienné Project
next post
137 school children kidnapped by gunmen in Nigeria released, undergoing ‘psychosocial counseling,’ official says

Related Posts

RecycLiCo Battery Materials

October 16, 2023

Alianza Minerals Moves Ahead with New Focus on...

August 15, 2023

Rio Silver Announces Grant of Stock Options

May 8, 2024

Top 5 Canadian Lithium Stocks of 2023

October 31, 2023

Carbon Done Right

April 18, 2024

Top 10 Gold-mining Companies (Updated 2024)

June 26, 2024

Chariot Corporation

December 1, 2023

4 Biggest Cybersecurity ETFs in 2023

September 27, 2023

Rights Issue Prospectus

April 5, 2024

Filling of HMW Pond 2 Commences as Lithium...

March 19, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved