The Loulo-Gounkoto complex in Mali produced above the top end of guidance for 2024 and replaced mined reserves for the sixth successive year. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the company announced that the Loulo-Gounkoto complex would temporarily suspend operations. We remain in discussions with the Government of Mali to find an acceptable resolution.
At Kibali in the Democratic Republic of Congo, Barrick has cumulatively replaced depletion over the past six years and continues to extend the mine’s life beyond 10 years. During the year, Barrick started construction of a 16MW photovoltaic solar farm with a 15MW battery energy storage system to supplement the current energy mix which is predominantly hydropower.
Conversion at Bulyanhulu and North Mara in Tanzania has again replenished reserves after depletion and the mines combined are delivering the equivalent production of a Tier One complex, and positioned to continue delivering over 500,000 ounces per annum for the next 10 years. There is significant further exploration potential surrounding both mines which has been unlocked through the expansion of our exploration ground. At the Tanzania Mining and Investment Conference, Barrick received the Award for Best Performance in Local Content Regulations for mining companies, among other accolades, demonstrating the successful turnaround of the Tanzanian operations and its strong partnership with the Tanzanian government and the country.
The Lumwana Copper Mine in Zambia delivered on production guidance during 2024 and completed the Super Pit expansion feasibility study, paving the way for construction in 2025. The feasibility study added 5.5 million tonnes of copper, resulting in proven and probable attributable mineral reserves of 8.3 million tonnes of copper at 0.52%, and is projected to produce 240,000 tonnes of copper a year from a 52 million tonnes per annum process plant expansion, while extending mine life to more than 30 years.
In Saudi Arabia, at Jabal Sayid, production finished ahead of guidance. Exploration continues through the Barrick/Ma’aden joint venture projects around the Jabal Sayid mine, with the target of creating additional value by leveraging the existing infrastructure at Jabal Sayid.