Barrick Hails Africa as Key Cash Generator, Showcasing Growth Across Gold and Copper Operations
Africa remains a cornerstone of Barrick Gold’s portfolio, with the continent delivering some of the strongest cash flows for the company in the second quarter of 2025.
CEO Mark Bristow praised the region’s performance, noting higher production, improved unit costs, and progress on multiple strategic growth projects.
Barrick’s flagship Kibali gold mine in the Democratic Republic of Congo (DRC) delivered another strong quarter.
Operated by Barrick and jointly owned with AngloGold Ashanti (45% each) and Société Miniére de Kilo-Moto (10%), Kibali continues to rank among the largest and greenest gold mines in the world.
To date, Kibali has contributed more than $6.3 billion to the DRC economy, including $3.1 billion paid to local contractors and partners.
Recent investments include a solar power plant and battery storage system, complementing the mine’s hydropower capacity and further cementing its status as one of the industry’s cleanest and most automated operations.
When construction began 15 years ago, the Kibali region was among the most underdeveloped in the DRC. Today, it has become a thriving commercial hub, with Barrick’s partnerships also supporting biodiversity initiatives, such as conservation efforts in Garamba National Park—now home to a growing population of white rhinos.
In Tanzania, the North Mara mine maintained steady performance, while Bulyanhulu’s expansion progressed with the development of a second access and production area to support future output.
Barrick is also adjusting to new Tanzanian regulations requiring 20% of gold production to be traded domestically.
In Zambia, the Lumwana Super Pit Expansion is ahead of schedule, with second-quarter copper production rising 63% year-on-year to 44,000 tonnes.
This surge has driven significant reductions in unit and all-in sustaining costs (AISC), now targeting below $3 per pound.
The expansion—funded entirely by operating cash flow—is expected to deliver 240,000 tonnes of copper annually once complete, supported by a 52-million-tonne-a-year processing plant and a mine life exceeding 30 years.
In Mali, Barrick continues to operate the Loulo-Gounkoto complex while engaging in arbitration with the government over operational control.
Bristow reaffirmed the company’s commitment to a negotiated resolution, emphasizing that the partnership with Mali has delivered significant shared value over decades.
Barrick is advancing near-mine exploration along the ARK corridor at Kibali and pursuing greenfield opportunities in Tanzania, the DRC, Zambia, and Saudi Arabia.
The company aims to grow production organically by 30% by 2029, relying on long-life assets, strategic partnerships, and a debt-free balance sheet.
“In a world searching for real assets, strong partners, and responsible growth, Barrick stands apart,” Bristow said. “Few can match what we offer—and fewer still can do it without debt or dilution.
