By: Energy capital & power

Mining company Barrick has announced the discovery of new orebodies along the ARK-KCD corridor at its flagship Kibali gold mine in the Democratic Republic of Congo (DRC). The results confirm significant additional resources that could extend the mine’s life well beyond its current 10-year plan.

Kibali, which poured first gold in 2013, has maintained reserves by replacing every ounce mined. Total in-country investment has now exceeded $6.3 billion. Following the update, Barrick shares rose 0.49% to $21.33 on the New York Stock Exchange, with a market capitalization of $36.7 billion.

Kibali is located in the northeastern DRC and is jointly owned by Barrick (45%), AngloGold Ashanti (45%), and state-owned SOKIMO (10%).

Meanwhile, the company reported that a new 16 MW solar-plus-battery plant has raised Kibali’s renewable energy use to 85%, enabling the mine to operate entirely on green power for half the year. Upgrades to underground operations are expected to boost output starting in Q3 of 2025.