The Loulo-Gounkoto complex in Mali produced in the top-half of guidance for 2023 and replaced mined reserves for the fifth successive year. At Gounkoto, the complex’s third underground mine started ore production from stoping ahead of schedule in the first quarter of 2023. The expansion of the solar plant to a total of 60MW has been completed 12 months ahead of plan, in line with Barrick’s global commitment to increase its use of renewable energy.
At Kibali in the DRC, Barrick continues to extend the mine’s life beyond 10 years. Mineral reserves increased, net of depletion, for the fifth successive year. During the year, Barrick completed a feasibility study for a 17MW solar power station, to supplement the current energy mix which is predominantly hydropower, with construction starting in early 2024.
Conversion drilling at North Mara and Bulyanhulu in Tanzania has again replenished reserves after depletion and both mines are now planning to deliver a combined production of greater than 500koz for the next 10 years. There is significant further exploration potential surrounding the mines which has been unlocked through the consolidation efforts of new permits during 2023. At the 2023 Association of Tanzania Employers Awards, the mines were awarded Top Employer of the Year, among several other accolades. Additionally, the Ministry of Minerals recognized the mines as the largest contributor to the economy, demonstrating the successful turnaround of the Tanzanian operations.
Completing the Africa and Middle East gold portfolio, the Tongon gold mine in Côte d’Ivoire delivered within guidance. The mine continues to extend its life with intensive exploration efforts.
The Lumwana copper mine in Zambia delivered on its production guidance for the year. Successful drilling programs at the mine drove the majority of Barrick’s copper reserve additions for the year, growing the reserve base by 6% year on year, net of depletion. The Lumwana Super Pit expansion project has been accelerated with first production now scheduled for 2028. The project will transform Lumwana into one of the world’s major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life.Please see pages 141-148 of Barrick’s Annual Report 2023 for corresponding endnotes.
In Saudi Arabia, at Jabal Sayid, the top-half of production guidance was achieved. Work is progressing well at Umm Ad Damar and Jabal Sayid South in an effort to deliver further value from nearby opportunities by leveraging the existing infrastructure at Jabal Sayid.