Kibali Makes Strong Start to 2021, Continues to Reduce Carbon Footprint

All amounts expressed in US dollars

KINSHASA, Democratic Republic of Congo, April 19, 2021 (GLOBE NEWSWIRE) -- (NYSE:GOLD)(TSX:ABX) – The Barrick Gold operated Kibali mine in the DRC produced 191,612 ounces of gold¹ in the first quarter of 2021, keeping it on plan and on track to achieve its full year target, Barrick president and chief executive Mark Bristow told a media briefing here today.

The mine’s underground operation again drove production and continuing improvements in the plant’s throughput and recovery rates also contributed to Kibali’s on-plan delivery. Efficiency improvement projects completed during the quarter, including an upgrade of the hoisting infrastructure, are expected to boost its performance further.

Power generation costs benefitted during the quarter from higher river levels as the mine’s three hydropower plants supplied the bulk of its energy requirements. The power grid was further enhanced by the installation of a 9MW battery support system. The new system will also decrease the need for diesel-generated backup, in line with the mine’s strategy of reducing its carbon footprint.

Strict adherence to Covid-19 prevention protocols largely shielded the mine from the impact of the pandemic’s second wave.

Looking ahead, Kibali continues to replace resources and secure further open pit opportunities to balance its underground mine, and to replace reserves and add flexibility to the operation in support of its robust 10-year plan.

Kibali maintained its investment in community development, among other things by advancing the Kibali-built Durba concrete road by 1.5km. The provision of additional potable water sources to the surrounding villages was also extended. During Q1, the mine launched an innovative campaign to stimulate the Durba economy by issuing local shopping vouchers to employees.

Bristow said that Kibali continued to support the DRC’s Garamba National Park, one of the oldest in Africa and a UNESCO World Heritage Site, and that there had not been a single instance of elephant poaching during 2020. The support program includes tracking collars for elephants, fuel for tracker aircraft and infrastructural improvements. A plan to reintroduce white rhino and giant eland to the park is the next big undertaking.

“We look forward to working closely with His Excellency President Felix Tshisekedi and his new coalition government in further strengthening our partnership with the DRC and to resolve certain outstanding issues around the mining code and the repatriation of cash,” Bristow said. Since the development of Kibali started in 2010, it has contributed $3.5 billion to the DRC’s economy.