• Kibali’s Q3 2025 output rose 21 % to 191 000 ounces
• Congo’s wider gold sector faces security-related shutdowns
• Barrick plans to operate Kibali beyond 2037 despite strategic uncertainties

Barrick Mining reported in its mid-November operational update that Kibali produced 191 000 ounces of gold in the third quarter of 2025, a 21 % increase from a year earlier. Building on this performance, the company reaffirmed its annual targets and confirmed plans to continue operating the mine beyond 2037.

This long-term outlook secures for the Democratic Republic of Congo a key industrial asset at a time when the country is seeking new investors to develop additional large-scale gold mines.

A sector affected by security constraints

In September, Mines Minister Louis Watum told Bloomberg that the state intends to stimulate investment in the gold segment. The goal reflects both strong global prices and growing disruptions across several sites, in a context of heightened insecurity. Multiple industrial mines are currently idle.

Twangiza has been out of Congo’s industrial production data since 2021 due to operational constraints linked in part to the advance of M23 rebels in South Kivu. A similar situation exists at Namoya, also in South Kivu. Faced with persistent insecurity, Canada’s Banro Corporation sold the mine to Shomka Resources in 2020. According to Shomka’s official website, Namoya was under maintenance in 2024, with operations halted since 2020.

Artisanal gold output has also been hit by insecurity. In 2024, exports from the artisanal segment fell 66 % and could decline again in 2025. This downturn contributed to a 3 % drop in Congo’s overall gold exports, although Kibali—which now accounts for 99 % of industrial output—partially offset the decline. Kibali’s own production slipped 10 % in 2024 to 686 000 ounces, but Barrick expects a rebound in 2025, with output projected between 688 000 and 755 000 ounces.

A stable pillar and a driver of growth

In a turbulent mining landscape, Kibali has remained an exception. Since it began operations in 2013, the mine has emerged as the country’s main gold producer. That year, when Kibali produced 90 000 ounces (2.8 tons), national production increased 117 % year on year to 6.1 tons. The figure included artisanal output as well as production from Twangiza, an industrial mine launched in 2012.

Kibali’s impact strengthened in 2014, its first full year of operations. With 526 600 ounces (16.38 tons) produced, the mine accounted for about 68 % of national output that year. Total production reached 23.9 tons, supported by contributions from Namoya, then an active industrial mine.

More than a decade later, Kibali remains the backbone of Congo’s gold industry. Despite intermittent tensions with Kinshasa after the adoption of a new mining code in 2018, Barrick kept the mine in continuous operation. Annual output has fluctuated between 500 000 and 600 000 ounces, with a peak of 814 000 ounces in 2019. These results positioned Kibali as Africa’s largest gold mine, surpassed only in 2024 by Ghana’s Ahafo mine.

Prospects and uncertainties

As Congo seeks to boost its gold sector, Kibali is expected to remain central. As noted above, Barrick plans to operate the mine until at least 2037, supported by exploration results along the ARK-KCD corridor, which hosts the mine’s principal ore body.

“Kibali was built with a long-term view and has consistently delivered across production, partnerships and reserve growth. We’ve replaced every ounce we’ve mined and more since Kibali poured its first gold in 2013, and the ARK-KCD corridor shows that there’s still much more to come,” former Barrick CEO Mark Bristow said in July.

Improved performance, combined with government plans, could strengthen national gold production. However, developments concerning Barrick’s future strategy have raised questions. Mark Hill, the interim CEO appointed after Bristow’s departure, suggested earlier this month that the group plans to focus its growth on its U.S. and Dominican Republic gold mines.

That statement has stirred uncertainty around Barrick’s African assets, which could even be considered for sale, according to sources cited by Reuters. The company has not officially commented on the possibility. AngloGold Ashanti, Kibali’s co-shareholder, has not reacted either. The two companies each hold 45 % of the mine, while the state-owned miner SOKIMO holds 10 %.

Pending further clarification, the future of Kibali also depends on the renewal of its mining permits. The current licenses run until 2029–2030. Meanwhile, new exploration projects may strengthen Congo’s industrial gold base, including Misisi (Avanti Gold) and Adumbi (Loncor Gold), each hosting around 3 million ounces of mineral resources.

Aurel Sèdjro Houenou