"Kibali's performance was supported by reinforced COVID-19 protocols to deal with the fourth wave of the virus," Barrick president and chief executive Mark Bristow said, noting that to-date 43% of the workforce is fully vaccinated.
Canada-based Barrick and South African company AngloGold Ashanti each hold 45% stakes in Kibali. The DRC's Societe Miniere de Kilo-Moto (SOKIMO) has the remaining 10%. Barrick is the mine operator.
Barrick said its share of forecast production for 2021 was 350,000oz-380,000oz of gold, which implies total production guidance of 777,778oz-844,444oz. In 2020, Barrick's share of production was 364,000oz.
For 2021, Barrick had forecast cost of sales of US$990-$1,040/oz, total cash costs of $590-$640/oz, and all-in sustaining costs of $800-$850/oz.
"During the fourth quarter, Kibali paid a dividend of $170 million to shareholders of Barrick, AngloGold Ashanti and government parastatal, SOKIMO, bringing the total distribution for the year to $200 million," Barrick said.
Bristow said that underground drilling at the KCD orebody was defining a high-grade lode above the base of shaft infrastructure. "This was an exciting discovery which could add an entirely new orebody to the existing KCD series of orebodies," he said.
Barrick said Kibali was expected to increase its mineral reserves net of depletion for the third successive year, maintaining its plus 10-year life as one of Barrick's tier-one assets.
Tier-one status is for gold assets with a reserve potential to deliver a minimum 10-year life, production of at least 500,000oz/year, and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
Kibali has proven and probable gold reserves of 4.2 million oz, measured and indicated gold resources of 7Moz, and inferred gold resources of 670,000oz, according to Barrick.
"At the same time, Kibali continued to lead the group's clean energy drive with power sourced from its three continuously upgrade hydropower stations, [which are] supported by new back-up battery technology," Barrick said.
Barrick was trading on the Toronto Stock Exchange at C24.32/share as of January 21, which is down 2.41% day-on-day.
