The Kibali gold mine in the Democratic Republic of Congo (DRC) produced 686,000 ounces in 2024, down from 763,000 ounces in 2023, thus down 10% year-on-year. Barrick Gold, the Canadian from which co-owns the mine, disclosed the figure on February 12, 2025.

Kibali thus fell short of the forecast of its owners for 2024. Indeed, Barrick Gold and its main partner, AngloGold Ashanti, had projected the mine’s output at 711,000 to 800,000 ounces. Barrick’s expectations were based on a 4% increase in the first half of 2024.

However, in H2 2024, the mine’s output dropped by 21% year-on-year. While Barrick has not officially explained this underperformance, AngloGold Ashanti attributed the third-quarter drop to lower gold grades in the processed ore.

This year, Barrick expects its attributable gold production to stand between 310,000 and 340,000 ounces, against 320,000 to 360,000 ounces anticipated in 2024. Bankable estimates that Kibali will produce between 688,000 and 755,000 ounces in 2025, down from its output in 2023.

Barrick and AngloGold each hold a 45% stake in Kibali.

Emiliano Tossou