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"[This] supports Barrick's search for new world-class gold deposits in the DRC"

Barrick Gold (TSX: ABX) president and CEO Mark Bristow has underlined the importance of partnerships as he continues to push for change to the mining code in the Democratic Republic of Congo.
"[This] supports Barrick's search for new world-class gold deposits in the DRC" "[This] supports Barrick's search for new world-class gold deposits in the DRC" "[This] supports Barrick's search for new world-class gold deposits in the DRC" "[This] supports Barrick's search for new world-class gold deposits in the DRC" "[This] supports Barrick's search for new world-class gold deposits in the DRC"

The Kibali gold mine in the DRC

Staff reporter

At a media briefing in Kinshasa yesterday, Bristow said 2019 marked the 10th anniversary of acquiring the Moto project which now hosted the tier one Kibali gold mine, a joint venture with AngloGold Ashanti.

He said Barrick had invested in the DRC "without any incentives" but "a clear and equitable" mining code, which was changed last year to include higher taxes and royalties.

The changes prompted an industry outcry but companies including Ivanhoe Mines have been buoyed by recently-elected president Felix Tshisekedi indicating support for foreign investment during a US trip in April.
 
"We continue to engage with the government on this issue, and were encouraged when the new president, his excellency Felix Tshisekedi, outlined his vision, of attracting foreign investment and developing the industry in a spirit of partnership, to Barrick's executive chairman John Thornton at a meeting earlier this year," Bristow said.

"It is this partnership that enabled the creation of Kibali and supports Barrick's search for new world-class gold deposits in the DRC."

Barrick said Kibali had contributed US$2.7 billion to the Congolese economy and was on track to meet or beat production guidance of 750,000 ounces of gold this year.

Barrick shares closed down 1.3% yesterday in Toronto but remain near a two-year high.

It is capitalised about C$36.8 billion (US$28 billion).