The Kibali gold mine in northeastern Democratic Republic of Congo reported revenue of $2.3 billion in 2025, according to figures published by operator Barrick Mining.
In its annual results released on Feb. 5, 2026, the Canadian miner said its share of revenue from Kibali, based on its 45% stake, totalled $1.04 billion last year. On a 100% basis, the mine generated about $2.3 billion in revenue.
It was the first time since industrial-scale operations began in 2014 that Kibali’s revenue exceeded $2 billion. Revenue rose 40% from 2024, which had already been a record year.
The increase came despite lower production. Kibali produced about 673,000 ounces of gold in 2025, down from nearly 687,000 ounces in 2024, a 2% decline following a 10% drop the previous year. Output also fell short of the mine’s annual target of at least 688,000 ounces.
Barrick attributed the shortfall to lower ore grades and reduced volumes mined from its highest-grade underground zones. Production was also disrupted in the fourth quarter by a fatal accident that led to a temporary shutdown of some operations and weighed on year-end output.
Gold prices offset lower output
The revenue growth was largely driven by higher gold prices. In 2025, Barrick’s average realised gold price rose to $112,210 per kilogram, up 45% from $77,300 in 2024.
According to the World Gold Council, the average annual gold price climbed 44% to $110,280 per kilogram in 2025, supported by strong demand and a geopolitical and financial environment favourable to the metal.
Higher prices boosted Kibali’s contribution to Barrick’s earnings. Despite a 13% increase in costs, the mine contributed $527 million to group results, up from $316 million in 2024, a 67% increase.
The contribution had already risen 30% the previous year, underlining Kibali’s strategic importance within Barrick’s portfolio. The results also benefit the mine’s other shareholders, AngloGold Ashanti, which holds 45%, and state-owned miner Sokimo, with 10%.
For 2026, Barrick forecast Kibali production of between 600,000 and 688,889 ounces, compared with guidance of 688,000 to 755,000 ounces last year, pointing to a possible further decline. The company said output would depend on geological conditions as well as ongoing maintenance and development work.
Kibali is expected to continue generating strong revenue, reinforcing its role as a key contributor to Barrick’s African operations. Gold prices have remained elevated, with the metal trading above $5,000 an ounce in January. Deutsche Bank, UBS and JPMorgan forecast prices could reach $6,000 an ounce by the end of the year.
Pierre Mukoko
