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

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

(Ecofin Agency) - 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



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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