Barrick Gold (TSX: ABX; NYSE: GOLD) has unveiled plans to embark on exploration endeavors targeting fresh gold and copper reservoirs within the Democratic Republic of Congo (DRC) through a collaborative venture with the government.
The renowned mining corporation, ranking as the second-largest gold producer globally, asserts its commitment to further prospecting activities in the region, building upon the triumphs achieved at the Kibali gold mine situated in northeastern DRC. Notably, Kibali contributed a substantial 343,000 ounces of gold to Barrick’s total output in 2023, constituting nearly 8.5% of the company’s annual production.
Mark Bristow, the Chief Executive Officer of Barrick, expressed the company’s ambition in a press release, citing Kibali’s pivotal role in transforming the erstwhile disadvantaged northeastern sector of the nation into a thriving economic epicenter. Bristow emphasized, “Of our $5 billion investment in the DRC, more than half has been allocated towards engaging local contractors and suppliers,” underscoring Barrick’s commitment to fostering local participation and development.
This initiative aligns with Barrick’s broader strategy unveiled last year, wherein the corporation disclosed intentions to explore additional copper reserves in both Zambia and the DRC, aiming to bolster its footprint within the African copper belt.
