Benzinga - by Stjepan Kalinic, Benzinga Staff Writer.
Barrick Gold (NYSE:GOLD) is exploring new ventures in the Democratic Republic of Congo (DRC).
The company recently touted success at its Kibali mine, Africa’s largest gold mine, in the latest earnings results.
"Kibali has transformed what was previously the disadvantaged north-east region of the country into a new economic frontier and a flourishing commercial hub," Barrick CEO Mark Bristow said during a site visit.
"Of our $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," he added clarifying that a Congolese team built the third Khibali's hydropower station.
Now Read: North America ‘Got Used To Free Money’ Leading To Debt, Unsustainable Businesses – Barrick Gold CEO
Renewable energy is becoming a cornerstone in Barrick’s plans for the mine. A 16MW solar plant is scheduled for commissioning in 2024. This initiative aligns with the company's broader strategy to reduce environmental impact and underscores its dedication to responsible mining practices.
Ore replenishment belongs in those practices, as Bristow noted that Barrick's unique track record of replacing the depleted reserves gives the confidence to forecast "an increase of more than 30% in gold equivalent production by the end of this decade."
The company's vision extends beyond Kibali. It has plans to expand its presence in the African copper belt, including Zambia and the DRC. The company’s Lumwana mine in Zambia, coupled with upcoming projects such as the $2 billion Super Pit expansion and the Reko Diq project in Pakistan, underscores its ambition to solidify its position as a premier copper producer globally. Its' gold and copper portfolios now cover all the major global mining districts for those metals.
To meet these ambitious goals, the company is taking steps to ensure a steady supply of qualified personnel by establishing the Barrick Academy at the former Buzwagi mine in Tanzania. Over the next 24 months, the academy will train more than 2,000 foremen, supervisors, and superintendents from Africa and the Middle East. Converting Buzwagi into a Special Economic Zone demonstrates its commitment to sustainable economic development, promising job creation and revenue generation for the local community.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get started!
Now Read: Gold ETFs Diverge From Spot Prices: Record Ninth Consecutive Month Of Outflows
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.