Barrick Mining Corporation (NYSE: B) says new drilling along the ARK-KCD corridor at its flagship Kibali mine in the Democratic Republic of Congo confirms “significant additional orebodies” that could stretch the Tier One 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 Q3 onward.
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 in Kibali, 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).
