Congo’s Largest Gold Mine Sees Reserves Climb to 315 Tons

Proven gold reserves at the Kibali mine, located 220 kilometers from Isiro in the Haut-Uele province of the Democratic Republic of Congo (DRC), stood at 98.15 tons at the end of 2024, according to estimates from Barrick Gold, the mine’s operator, as confirmed by its partner, AngloGold Ashanti.

In addition to proven reserves, probable reserves—those considered viable for extraction but not yet fully confirmed—amount to 217.7 tons. This brings the total estimated reserves at Kibali to approximately 315 tons, reinforcing the mine’s strategic significance within the region.

The updated reserve estimates come at a time when Kibali’s operational performance has been mixed. Gold production declined in 2024, weighed down by rising operating costs. However, despite these challenges, Kibali’s contribution to Barrick Gold’s revenue increased by 30.8% from 2023 to 2024, mitigating the impact of lower output.

Kibali remains the largest industrial-scale gold mine in the DRC and the country’s primary source of gold exports. However, the economic value of its reserves is subject to broader market conditions and investment strategies.

In valuing its reserves, Barrick Gold applies a conservative gold price of $1,400 per ounce, a standard practice among major mining companies to ensure asset valuations reflect long-term fundamentals rather than short-term market fluctuations. By this measure, Kibali’s reserves are worth an estimated $10 billion. However, with gold currently trading above $2,900 per ounce in global markets, their potential value could exceed $21 billion.

Beyond its role in generating returns for shareholders, Kibali is a key contributor to government revenues in the DRC. Over the past six years, royalties paid to the state have exceeded $375 million. If current reserve estimates hold and market prices remain stable, royalty payments from Kibali could reach $735 million, equivalent to 3.5% of the mine’s estimated value. That figure could rise to $2.1 billion if gold were designated as a strategic mineral, triggering a higher royalty rate under the DRC’s 2018 Mining Code.