Gold production at the Kibali mine, the largest gold operation in the Democratic Republic of Congo (DRC), continued its decline in 2025, according to a financial report released by Canadian miner Barrick Mining on Friday, February 6.
The report showed a 2% year-on-year drop in attributable production, following a 10% decline in 2024. Despite the lower output, rising gold prices drove a sharp increase in revenue during the year.
Barrick Mining and AngloGold Ashanti each hold a 45% stake in the Kibali joint venture, while state-owned SOKIMO owns the remaining 10% interest. Annual production expectations of at least 688,000 ounces were not met, with Barrick reporting 303,000 ounces attributable, or approximately 673,300 ounces on a 100% consolidated basis.
Although sales volumes fell 4%, revenue rose significantly. Barrick reported attributable revenue of $1.04 billion, up 40% from $743 million in 2024, benefiting from a 64% year-on-year increase in gold prices by December, marking their strongest performance since the late 1970s. On a fully consolidated basis, Kibali generated $2.31 billion, of which $231.1 million went to the Congolese state via SOKIMO’s stake.
Looking ahead to 2026, Barrick forecasts attributable production between 270,000 and 310,000 ounces, or approximately 600,000 to 688,900 ounces on a 100% consolidated basis. Achieving the upper end of this range would represent a modest rebound from 2025, though the mine has now missed production targets for two consecutive years.
The weaker performance in 2025 was attributed to lower average ore grades, reduced underground mining volumes, and operational disruptions following a fatal incident in the fourth quarter. Market analysts remain focused on Kibali’s output amid persistently high gold prices, which reached around $5,590 per ounce by the end of January, with projections above $6,000 per ounce by year-end from Deutsche Bank, UBS, and JPMorgan.
Barrick continues exploration work along the ARK-KCD corridor, the site of the mine’s main ore body, to support long-term output. Kibali accounted for 99.6% of DRC’s gold exports in 2024, highlighting the country’s dependence on the mine. The government aims to diversify production by attracting new investments to the gold sector in coming years.
