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Barrick's (GOLD) Kibali Mine to Sustain Annual Gold Production
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Barrick Gold Corporation (GOLD - Free Report) stated that the Kibali mine, Africa's largest gold mine, continues to thrive on consistent replenishment of reserves and resources, alongside investments in technology and capacity. This positions Kibali to sustain its annual production of 750,000 ounces for 15 years or more, extending beyond the current 10-year horizon.
In addressing media and stakeholders, Barrick emphasized Kibali's status as Africa’s largest and most automated gold mine. With its three hydropower stations, Kibali leads in renewable energy. The commissioning of its backup solar power plant and battery storage system next year will increase the renewable component of its energy mix to 85%.
When Barrick began constructing Kibali 14 years ago, the region was one of the most underdeveloped areas in the DRC. The infrastructure and value created have transformed it into a thriving commercial hub and new economic frontier, with the community growing from 30,000 to more than 500,000 people. The company promoted this growth through community development investments and partnerships with local businesses. For instance, the Azambi power station was built by an all-Congolese team. Since 2010, Kibali’s payments to local contractors and suppliers have totaled nearly $2.7 billion.
Kibali contributed to Africa’s biodiversity by partnering with African Parks and the DRC Government to reintroduce a sustainable population of white rhinos to Garamba National Park, which the mine also supports. Alongside the Barrick coffee project in the Haut-Uele region aimed at revitalizing the Robusta coffee industry in Isiro, GOLD is committed to preserving the national heritage of its host countries.
Barrick underscored that Kibali’s success is built on partnerships with stakeholders, particularly the government and local communities. Building on this success, Barrick is prepared to invest in new gold and copper opportunities in the DRC, provided the government continues to collaborate with the company.
Barrick’s shares have inched up 1.7% in the past year compared with a 10.6% rise of the industry.
Image Source: Zacks Investment Research
In 2024, Barrick anticipates attributable gold production of 3.9-4.3 million ounces, with an AISC of $1,320-$1,420 per ounce and cash costs per ounce of $940-$1,020. The cost of sales is expected to be $1,320-$1,420 per ounce. For copper, the company forecasts production of 180,000-210,000 tons, with an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30 and a cost of sales of $2.65-$2.95 per pound. Capital expenditures for the year are projected to be $2,500-$2,900 million.
Zacks Rank & Other Key Picks
Barrick currently flaunts a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 89.3% in the past year.
The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.72, indicating a year-over-year rise of 1223%. FSTR’s earnings estimates have gone up 61% in the last 60 days. The stock has rallied 55.9% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3%. The stock has rallied nearly 26.5% in the past year.
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Barrick's (GOLD) Kibali Mine to Sustain Annual Gold Production
Barrick Gold Corporation (GOLD - Free Report) stated that the Kibali mine, Africa's largest gold mine, continues to thrive on consistent replenishment of reserves and resources, alongside investments in technology and capacity. This positions Kibali to sustain its annual production of 750,000 ounces for 15 years or more, extending beyond the current 10-year horizon.
In addressing media and stakeholders, Barrick emphasized Kibali's status as Africa’s largest and most automated gold mine. With its three hydropower stations, Kibali leads in renewable energy. The commissioning of its backup solar power plant and battery storage system next year will increase the renewable component of its energy mix to 85%.
When Barrick began constructing Kibali 14 years ago, the region was one of the most underdeveloped areas in the DRC. The infrastructure and value created have transformed it into a thriving commercial hub and new economic frontier, with the community growing from 30,000 to more than 500,000 people. The company promoted this growth through community development investments and partnerships with local businesses. For instance, the Azambi power station was built by an all-Congolese team. Since 2010, Kibali’s payments to local contractors and suppliers have totaled nearly $2.7 billion.
Kibali contributed to Africa’s biodiversity by partnering with African Parks and the DRC Government to reintroduce a sustainable population of white rhinos to Garamba National Park, which the mine also supports. Alongside the Barrick coffee project in the Haut-Uele region aimed at revitalizing the Robusta coffee industry in Isiro, GOLD is committed to preserving the national heritage of its host countries.
Barrick underscored that Kibali’s success is built on partnerships with stakeholders, particularly the government and local communities. Building on this success, Barrick is prepared to invest in new gold and copper opportunities in the DRC, provided the government continues to collaborate with the company.
Barrick’s shares have inched up 1.7% in the past year compared with a 10.6% rise of the industry.
Image Source: Zacks Investment Research
In 2024, Barrick anticipates attributable gold production of 3.9-4.3 million ounces, with an AISC of $1,320-$1,420 per ounce and cash costs per ounce of $940-$1,020. The cost of sales is expected to be $1,320-$1,420 per ounce. For copper, the company forecasts production of 180,000-210,000 tons, with an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30 and a cost of sales of $2.65-$2.95 per pound. Capital expenditures for the year are projected to be $2,500-$2,900 million.
Zacks Rank & Other Key Picks
Barrick currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , L.B. Foster Company (FSTR - Free Report) and Ecolab Inc. (ECL - Free Report) . Carpenter Technology and L.B. Foster sport a Zacks Rank #1, while Ecolab carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 89.3% in the past year.
The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.72, indicating a year-over-year rise of 1223%. FSTR’s earnings estimates have gone up 61% in the last 60 days. The stock has rallied 55.9% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3%. The stock has rallied nearly 26.5% in the past year.