The Africa region delivered its “usual reliable performance” with steady production and well contained costs, Barrick CEO Dr Mark Bristow reported when it maintained its quarterly dividend declaration amid continuous management focus on value creation and growth.

The half-year results of the New York- and Toronto-listed company showed “another steady quarter” for Loulo-Gounkoto, with cash costs well contained.

Coming out of Africa, too, are positive results from ongoing brownfield exploration that point to further life-of-mine extension opportunities.

In the north of Loulo’s permit, drill results have identified a large-scale and well-endowed system with high-grade intercepts.

This, along with other near-mine targets, augers well for Loulo-Gounkoto to again replace the gold it mines this year.

Meanwhile, in the Democratic Republic of Congo, Africa’s largest gold mine, Kibali, continues to deliver growth and uphold its strong record of replenishing reserves and resources.

Further investment in technology and capacity positions it to sustain its yearly production of more than 700 000 oz of gold a year past the current ten-year horizon to 15 years and beyond.

Next year’s planned commissioning of Kibali’s solar power and battery storage facility will complement the mine’s three hydropower plants, increasing the renewable component of its energy use to 85%.

“In fact, for six months of the year, we’ll have 100% renewable energy driving our power delivery,” Bristow commented during the presentation, which was covered by Engineering News & Mining Weekly.

“When we started building Kibali 14 years ago, this was one of the DRC’s most underdeveloped regions.

“The value that Barrick created there and the infrastructure it built have since transformed the region into a new economic frontier and a flourishing commercial hub, with a community that has grown from 30 000 to over 500 000 people.

“This growth has been promoted through investment in community development and partnering with local businesses we have mentored.”

Kibali’s power station was built by an all-Congolese team. Since 2010, Kibali’s payments to local contractors and suppliers have amounted to almost $2.7-billion.

On the copper side, Barrick’s business projects are set to deliver into a rising price and demand market.

In Zambia, the Lumwana super pit expansion will increase the mine’s production from 130 000 t/y to 240 000 t/y.

In Pakistan, Barrick’s Reko Diq project is targeting 400 000 t of copper and 500 000 oz of gold a year.

The strong expected cash flows from operations will fund these and other developments while the company’s robust balance sheet will support the forecast growth and dividends.

Key projects designed to boost production and expand the asset base include the recently permitted Goldrush mine in Nevada, which is ramping up to yearly production of more than 400 000 oz by 2028 while the adjacent Fourmile project, 100% owned by Barrick, is shaping up as a new tier one mine with potential gold production of more than 500 000 oz/y over more than two decades.

In the Dominican Republic, Pueblo Viejo is completing an expansion project designed to increase gold production to more than 800 000 oz beyond 2040.

Meanwhile, Barrick’s ability to replace reserve depletion organically will continue to enhance the scope and quality of its asset base.

Barrick reported increased second-quarter earnings and production is on track for a strong second half of this year.

Net earnings were up 25% and earnings before interest, taxes, depreciation and amortisation rose to 48% on strong operating cash flows of $1.16-billion and an increase in free cash flow to $340-million.

Net earnings per share were up 24% to $0.21 and the quarterly dividend was maintained at $0.10 per share, amid continuous management focus on value creation and growth.

In addition to the dividend, 2.95-million shares were repurchased during the second quarter under the $1-billion share buyback programme announced in February.