• Kibali gold mine revenue rose 40% in 2025 to $1.04 billion despite a 2% decline in attributable production.

• Rising gold prices offset lower output, with prices up 64% year-on-year at end-December.

• Barrick Mining expects 2026 production between 270,000 and 310,000 attributable ounces.

Gold output continued to decline in 2025 at the Kibali mine, the largest gold operation in the Democratic Republic of Congo. In its financial report published on Friday, February 6, Canadian miner Barrick Mining reported a 2% year-on-year decline in attributable production, following a 10% drop in 2024. However, higher gold prices supported a sharp increase in revenue during the year.

Revenue rises 40%

Barrick Mining and AngloGold Ashanti each hold a 45% stake in the Kibali joint venture, while state-owned miner SOKIMO owns the remaining interest. Although partners expected annual production of at least 688,000 ounces in 2025, the mine failed to reach that target.

Barrick reported attributable production of 303,000 ounces, which corresponds to approximately 673,300 ounces on a 100% consolidated basis, including partner shares.

Although lower output led to a 4% decline in sales volumes, revenue rose sharply. Barrick reported attributable revenue of $1.04 billion, up 40% from $743 million in 2024. Rising gold prices drove this increase throughout the year.

By the end of December, gold prices had risen 64% year-on-year, marking their strongest performance since the late 1970s. On a 100% consolidated basis, Kibali generated $2.31 billion in revenue, of which $231.1 million accrued to the Congolese state through SOKIMO’s equity stake.

A modest production rebound in 2026?

For 2026, Barrick expects attributable production between 270,000 and 310,000 ounces, equivalent to approximately 600,000 to 688,900 ounces on a 100% consolidated basis. If output reaches the upper end of the range, production would exceed 2025 levels. However, Kibali has missed production targets for the past two years.

Barrick attributed weaker performance in 2025 to lower average ore grades and reduced underground mining volumes. Operations also faced disruption in the fourth quarter following a fatal incident at the site. Market participants now monitor operational trends amid persistently high gold prices.

Gold prices continued to rise, reaching a new record of around $5,590 per ounce at the end of January. Deutsche Bank, UBS, and JPMorgan forecast prices above $6,000 per ounce by year-end. Sustained price strength could support Kibali’s commercial performance, where Barrick plans to continue operations until at least 2037.

Barrick continues exploration work, mainly along the ARK-KCD corridor, which hosts the mine’s main ore body, to support long-term output. Kibali accounted for 99.6% of the Democratic Republic of Congo’s gold exports in 2024, according to the Ministry of Mines. The government aims to reduce this dependence by attracting new investments into the gold sector in coming years.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de BERRY QUENUM