Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
The underground operation at Barrick Gold’s Kibali mine in the Democratic Republic of Congo set new mining and shaft production records in the third quarter, keeping the Tier 1 gold mine “on track to meet or beat” its guidance of 750,000 ounces for the year. Throughput and recovery for the quarter were at or above the nameplate level, the company said.
The Kibali underground mine achieved record production of 978,000 tonnes of ore and the shaft set a new production record of 869,000 tonnes, as the use of automation assisted in improved efficiency and productivity results. The company believes that the automation solution installed underground has made the mine a global leader in this field.
Kibali has maintained a solid health, safety and environmental record despite the size and complexity of the operation
Barrick president and CEO Mark Bristow said that more technological advancements are planned for the underground operation.
Specifically, the commissioning of a Newtrax system is underway, which would provide real-time data collection, enhance predictive maintenance, track and manage the fleet, and implement a digital safety system with personnel tracking. The mine is also working towards a proof of concept of a highly advanced system which will allow manned and unmanned operations in the same area.
Bristow also reassured that Kibali has maintained a solid health, safety and environmental record despite the size and complexity of the operation.
The company believes that positive drill results over the last few years from Ikmava-Kalimva as well as KCD underground are expected to result in reserve growth net of annual depletion. Ongoing exploration in the area has positioned Kibali for continued reserve replacement for years to come, with further potential open-pit extensions.
Commenting on the transition of political power in the DRC, Bristow added that the company is planning to engage the new administration in a review of the 2018 mining code.
