Published: April 5, 2019 |

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Democratic Republic of Congo’s newly elected president Felix Tshisekedi and Barrick Gold Corporation’s Executive Chairman John Thornton confirmed their partnership to develop the country’s gold mining industry in a meeting during the president’s state visit to the United States.

Barrick operates Kibali in the DRC, one of the world’s ten largest gold mines, and along with its joint venture partner AngloGold Ashanti is one of the major investors in the country. It has an extensive exploration program designed to find and develop more world class orebodies in the DRC.

In a speech to the U.S. Chamber of Commerce, his excellency the president Tshisekedi earlier said that while the DRC was potentially the wealthiest country on earth in terms of natural resources, it remains one of its poorest. It was his administration’s key priority to effect economic and financial reforms and development with help of the international community, especially the USA.

After the meeting, John Thornton said he had been encouraged by the president’s vision of attracting foreign investment and supporting the development of the DRC’s mining industry in a spirit of partnership.

“As the value leader in the global gold sector, Barrick offers the DRC peerless exploration, technical and financial support and through Kibali has proved its commitment to the country, the people and its local partners. We look forward to continuing to make a significant and growing contribution to the DRC’s economy and to unlocking the enormous value of its mineral potential,” said John Thornton.

About the Kibali Gold Mine

The Kibali mine, located in the Democratic Republic of Congo, is one of the largest gold mines in Africa. It comprises an integrated open pit and an underground operation as well as a 7.2Mtpa processing plant. First gold was poured in 2013 from open pit operations and commissioning of the full underground operation was completed at the end of 2017.

Kibali is in the northeast of the DRC, approximately 220km east of the capital of the Haut Uele province, Isiro, 150km west of the Ugandan border town of Arua and 1,800km from the Kenyan port of Mombasa. The mine is owned by Kibali Goldmines SA (Kibali) which is a joint venture company effectively owned 45 percent by each of Barrick and AngloGold Ashanti, and 10 percent by Société Miniére de Kilo-Moto (SOKIMO).  The mine was developed and is operated by Barrick.

About Barrick
On January 1, 2019, a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources Limited.

The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100 percent); Kibali in DRC (45 percent); Loulo-Gounkoto in Mali (80 percent); and Pueblo Viejo in Dominican Republic (60 percent) and two with the potential to become Tier One1 gold assets (Goldrush/Fourmile (100 percent) and Turquoise Ridge (75 percent), both in the USA.

With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.

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