Barrick Gold (TSX: ABX; NYSE: GOLD) announced on Wednesday that it was prepared to explore new gold and copper deposits in the Democratic Republic of Congo (DRC), in partnership with the government.
The Canadian miner aims to explore the region following its success with the Kibali gold mine in the northeast DRC. The mine yielded 343,000 oz. of gold in 2023, representing nearly 8.5% of the company’s output for the year.
“Kibali has transformed what was previously the disadvantaged northeast region of the country into a new economic frontier and a flourishing commercial hub,” Barrick CEO Mark Bristow said.
“Of our $5 billion investment in the DRC, more than half has been spent with local contractors and suppliers.”
Last year, Barrick also expressed its eagerness to search for additional copper deposits in Zambia and the DRC as part of its efforts to expand its presence in the African copper belt.
Barrick’s shares rose by 0.8% to $20.87 apiece on Wednesday afternoon in Toronto, valuing the company at $36.6 billion.
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