Gold giant Barrick Gold (WKN 870450) expects its Kibali gold mine in the Democratic Republic of the Congo (DRC) to hit the upper end of the forecast range in 2020, according to CEO Mark Bristow.
Kibali is the first underground gold mine to be constructed in the DRC and is forecast to produce 340,000 to 370,000 ounces of gold this year. In the third quarter that has just ended, Kibali also set a record for the amount of ore extracted underground. For the first time since the shaft was picked in 2018, the target performance was exceeded.
Barrick also stated that a world-class (Tier 1) mine is capable of producing at least 500,000 ounces of gold per year for at least ten years – at the lower end of the industry average.
According to CEO-Bristow, the aim is to extend the expected life of the Kibali mine through exploration in the vicinity of the known deposits by replacing the exploited reserves. But, it was said, the exploration teams from Barrick are already looking for the “next Kibali [-Mine]“In the DRC.
Loncor Resources joint venture
Although this is not directly mentioned in the press release of the industry giant, one can assume that the joint venture will also be involved in this Loncor Resources (WKN A2PSPG / TSX LN) is meant! In 2016, Barrick secured access to Loncor properties in the Ngayu gold belt, which has several deposits with similar lithology, weathering and structures as Kibali.
Barrick has completed a variety of exploration work on these project areas over the past several years, culminating in the commencement of drilling on six priority targets in the joint venture areas in late June! Drill results here may not be too distant and may bring some movement to Loncor’s course. (Click here for more information on Loncor!)
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