ABX:CC - Barrick's Kibali tier 1 production profile extended to 2033

2023-03-27 18:26:41 ET

Barrick Gold ( NYSE: GOLD ) continues to uphold the tier one status of its Kibali mine in the Democratic Republic of Congo, after saying exploration more than replaced the gold mined there in 2022.

This is the fourth successive year the Kibali joint venture between Barrick Gold ( GOLD ) and AngloGold Ashanti ( AU ) has replaced the ounces that it mined, extending its tier one status to 2033.

Exploration also raised Kibali's reserves to a level equivalent to the original 2010 feasibility study, despite having produced more than 6.4M oz of gold since commissioning, Barrick ( GOLD ) said.

The company defines a tier one gold mine as an asset with a reserve potential to deliver a minimum 10-year life, production of at least 500K oz/year of gold and total cash costs per oz over the mine life that are in the lower half of the industry cost curve; Kibali produced nearly 750K oz of gold in 2022, making it Africa's biggest gold mine.

Barrick Gold ( GOLD ) is burdened by a growing list of emerging threats to profitability in Africa, South America and the Middle East, Real Investments writes in an analysis published recently on Seeking Alpha .

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