Kibali Delivers Strong Results Amid Congo’s Gold Sector Disruptions
Kibali's Q3 2025 output soared 21% to 191,000 ounces, a testament to its resilience in a turbulent mining landscape. Despite security-related shutdowns affecting the broader Congo gold sector, Barrick Mining's mid-November update revealed Kibali's consistent performance. The company plans to keep Kibali operational beyond 2037, a move that secures a vital industrial asset for the Democratic Republic of Congo at a time when the country seeks new investors for large-scale gold mines.
The Sector's Security Challenges
In September, Mines Minister Louis Watum highlighted the state's intention to stimulate investment in the gold segment, addressing both strong global prices and growing disruptions amidst heightened insecurity. Several industrial mines are currently idle due to security concerns. Twangiza, for instance, has been out of Congo's industrial production data since 2021 due to operational constraints linked to the M23 rebels' advance in South Kivu. Similarly, Namoya in South Kivu faced persistent insecurity, leading Canada's Banro Corporation to sell it to Shomka Resources in 2020, with operations halted since 2020.
Artisanal gold output has also suffered due to insecurity, with exports falling 66% in 2024 and potentially declining further in 2025. This downturn contributed to a 3% drop in Congo's overall gold exports, partially offset by Kibali's production, which now accounts for 99% of industrial output. Kibali's own production slipped 10% in 2024 to 686,000 ounces, but Barrick expects a rebound in 2025, projecting output between 688,000 and 755,000 ounces.
A Stable Pillar and Growth Driver
Kibali has emerged as the country's main gold producer since its 2013 operations. In that year, when Kibali produced 90,000 ounces (2.8 tons), national production surged 117% year-over-year to 6.1 tons, including artisanal output and Twangiza's industrial production. Kibali's impact strengthened in 2014, its first full year, accounting for 68% of national output with 526,600 ounces (16.38 tons) produced. Total production reached 23.9 tons, supported by Namoya's contributions.
Over a decade later, Kibali remains the backbone of Congo's gold industry. Despite tensions with Kinshasa post-2018 mining code adoption, Barrick maintained continuous operations. Annual output fluctuated between 500,000 and 600,000 ounces, peaking at 814,000 ounces in 2019, positioning Kibali as Africa's largest gold mine until 2024, when Ghana's Ahafo mine surpassed it.
Prospects and Uncertainties
As Congo aims to boost its gold sector, Kibali's central role is expected to persist. Barrick plans to operate the mine until at least 2037, backed by exploration along the ARK-KCD corridor, home to the mine's principal ore body.
Former Barrick CEO Mark Bristow emphasized Kibali's long-term vision and consistent performance in production, partnerships, and reserve growth. However, recent developments regarding Barrick's future strategy have raised questions. Interim CEO Mark Hill suggested focusing growth on U.S. and Dominican Republic mines, stirring uncertainty around Barrick's African assets, which may be considered for sale, according to Reuters sources.
The future of Kibali also hinges on the renewal of its mining permits, currently valid until 2029-2030. New exploration projects, such as Misisi (Avanti Gold) and Adumbi (Loncor Gold), each hosting around 3 million ounces of mineral resources, may strengthen Congo's industrial gold base.
