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Kibali on a tear

Barrick Gold says its newly acquired Kibali gold mine in the Democratic Republic of Congo produced 807,251oz gold in 2018, beating the most optimistic production target for the mine of 750,000oz.
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Barrick's Kibali mine had a strong 2018

Staff Reporter

Production was 35% higher than its output the previous year, the company said. This took place despite an ongoing ramp-up of underground production and steady improvement in the processing-plant recovery and throughput.

The mine was operated by erstwhile Randgold Resources until late last year, when it was acquired by Barrick in a merger.

CEO Mark Bristow said the record production was driven by the Kibali shaft operating at nameplate specification and optimisation of the underground materials handling system, which had placed Kibali at the leading edge of gold mine automation in Africa.

Barrick said the resettlement of 1,478 families from the Gorumbwa site to a new village had been completed and would allow for the development of the next satellite pit in the mine plan.

It was also encouraged by brownfields exploration success that had identified "numerous opportunities for reserve replacement along the KZ trend and around KCD".

Barrick, with a market capitalisation of C$28.7 billion, gained 1.19% or 19c on Monday to $16.39.