https://www.engineeringnews.co.za
Africa|Automation|Copper|Efficiency|Exploration|Gold|Mining|Power|Projects|Safety|System|Underground|Maintenance|Operations
Africa|Automation|Copper|Efficiency|Exploration|Gold|Mining|Power|Projects|Safety|System|Underground|Maintenance|Operations
africa|automation|copper|efficiency|exploration|gold|mining|power|projects|safety|system|underground|maintenance|operations

Kibali ‘to meet or beat’ guidance, says Barrick following record quarter

23rd October 2019

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

The underground operation at the Kibali gold mine, in the Democratic Republic of Congo (DRC), set new mining and shaft production records in the third quarter, keeping the Barrick Gold tier-one gold mine on track to meet or beat its guidance of 750 000 oz for the year.

Throughput and recovery for the quarter were at or above the nameplate level, Barrick said on Wednesday of the mine that it owns in a joint venture with South Africa-headquartered major AngloGold Ashanti.

The underground mine achieved record production of 978 000 t of ore and the shaft set a new production record of 869 000 t of ore, as the use of automation assisted in improved efficiency and productivity results.

Kibali, the youngest mine in the Barrick stable, was designed for automated mining, and the company believes that the automation solution installed underground has made the mine a global leader in this field.

CEO Mark Bristow said that more technological advancements were planned for the underground operation, including a highly advanced system that would allow manned and unmanned operations in the same area.

The mine would also soon commission a Newtrax system, which would provide real-time data collection, enhance predictive maintenance, track and manage the fleet, and implement a digital safety system with personnel tracking.

Further, Barrick reported that positive drill results over the last few years from Ikmava-Kalimva and KCD underground should result in reserve growth net of yearly depletion.

“Ongoing exploration has positioned Kibali for continued reserve replacement for years to come, with further potential openpit extensions in Gorumbwa, Sessenge and the potential KCD super pit, in addition to the definition of the new KCD underground 11000 Lode.”

Commenting on the transition of political power in the DRC from Joseph Kabila to Felix Tshisekedi, Bristow said that Barrick planned to engage the new administration in a review of the 2018 mining code.

“We believe it is still possible to arrive at a dispensation which is more equitable to the industry,” he said in a statement issued following a media briefing in Kinshasa.

Barrick and other major miners operating in the DRC are unhappy about the code that Kabila signed into law last year. The new code imposed a windfall profits tax, raised royalties and axed ten-year protections for existing projects against changes to the fiscal regime. One of the impacts of 2018 Mining Code is that mining operators cannot take cash out of country to pay dividends or loans.

Barrick said in a presentation that the 2018 Mining Code had many problems, which made investment in the country, under the conditions of low global growth and low commodity prices, "distinctly unattractive".

Copper prices, for instance, were down to about $2.65/lb, from $4.50/lb in 2011 and $3.05/lb in June 2018, while the price of cobalt was down to $14.50/lb from a high of $45.00/lb in 2017/18.

"We have to reconcile and balance the legal and policy framework in DRC against the long-term commodity prices and relative attractiveness of the DRC."

The major noted that various mining facilities were on care and maintenance in DRC with a number of projects shelved, owing to the impact of the 2018 Mining Code.

Edited by Creamer Media Reporter

Comments

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.219 0.278s - 162pq - 2rq
Subscribe Now