Mining

DRC: Barrick seeks new opportunities in gold and copper markets, CEO says

DRC: Barrick seeks new opportunities in gold and copper markets, CEO says
Saturday, 23 March 2024 04:24

The Democratic Republic of Congo (DRC) is the biggest copper producer in Africa and one of the world’s top three. The Central African country could soon further develop this sector with a new partnership with Barrick in sight. 

Barrick seeks new opportunities to invest in both gold and copper in the DRC. Mark Bristow (photo), CEO of the mining company, unveiled the ambition during a meeting with local media on March 20. The company provided no further detail regarding its plan. Barrick, it is worth noting, runs the biggest gold mine of the country and the continent, the Kibali mine.

“Based on the success of Kibali, which Barrick has built into Africa’s largest gold mine, the company is ready to invest in new gold and copper opportunities in partnership with the government of the DRC,” Bristow said. 

A few weeks ago, operational results at Kibali were released. They show that the mine (owned by Barrick in partnership with AngloGold Ashanti and the government) produced 763,000 ounces of gold (approximately 21.6 tonnes) in 2023. While almost all of the industrial gold production in the DRC comes from Kibali, a new partnership between Barrick and the Congolese government could enable the country to develop a new mine.

Regarding Barrick’s interest in copper, they make sense given that the DRC is Africa’s top producer and one of the largest in the world. Last September, Barrick revealed it wanted to double its copper production by the end of the decade.  Barrick eyes an annual output of around 1 billion pounds or 450,000 tonnes, by 2031, with most of this volume coming from Zambia and Pakistan. 

The giant’s interest in the DRC’s copper market could significantly profit the country. Last year, the Central African nation exported 2.84 million tonnes of copper.

Louis-Nino Kansoun

On the same topic
Libya tests 130 km pipeline to reduce gas flaring Project to recover 150 million cubic feet daily Move aims to ease bottlenecks, improve gas network...
BP acquires 60% stake in three offshore exploration blocks Move follows growing interest from majors like TotalEnergies and Chevron Namibia...
Vitol will invest $130 million via Vivo Energy to expand fuel storage in Durban. The project aims to double capacity to 500,000 m³ and strengthen...
Thor Explorations plans to publish an optimized prefeasibility study incorporating new exploration results. The company targets a final investment...
Most Read
01

Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...

Francophone Africa: A Rising Economic Giant With Weak Internal Trade
02

Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...

Algeria Opens Satellite Market to Competition, Inviting Global Operators
03

EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...

EBID Charts Green Shift to Finance West Africa’s Growth
04

Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...

Over 260 Namibian SME Owners Trained as Sector Faces Mounting Losses
05

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.