Kibali and DRC Partner to Promote Local Content

All amounts expressed in US dollars

KINSHASA, Democratic Republic of Congo, March 01, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Africa’s largest gold mine, Kibali, and the Autorite de Regulation de la Sous-Traitance dans le Secteur Prive (ARSP), the body which oversees the DRC’s sub-contracting sector, have agreed to collaborate on a range of local content initiatives.

The partnership has been designed to increase the mine’s already extensive use of Congolese contractors and suppliers in line with parent company Barrick’s global policy of supporting local businesses and employing host country nationals. Since 2009, Kibali has spent more than $2.6 billion with local suppliers. Of its more than 6,500 employees, 95% are Congolese, including the general manager.

“We encourage Kibali to continue this policy to enhance the considerable contribution it already makes to the local as well as the wider Congolese economy,” said M Miguel Kashal Katemb, CEO of the ARSP.

Barrick president and chief executive Mark Bristow said Kibali’s local procurement policy was not only aligned with ARSP’s aims and regulations but went well beyond them.

“Since it went into operation in 2009, Kibali has transformed the previously disadvantaged northeastern corner of the country into a flourishing commercial hub. We will continue to drive sustainable value creation through our partnerships here,” he said.

“The mine has been a champion of economic and social development in the region and has actively mentored the growth of small local enterprises into substantial business, by enhancing their commercial and technical skills, and providing them with the opportunities to exercise these. Kibali’s third hydropower station, for instance, was built by an all-Congolese team.”

Enquiries:

DRC country manager

Cyrille Mutombo

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Investor and Media Relations

Kathy du Plessis

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