Barrick Gold Corporation's GOLD president and chief executive, Mark Bristow, announced that Kibali, the largest gold mine in Africa, is now leading the charge as one of the continent's most environmentally conscious mines.

With three hydropower stations already in operation, much of Kibali's electricity needs are met sustainably. Upon the completion of its new 16-megawatt solar plant and additional battery energy storage infrastructure, designed to supplement hydropower during dry seasons, the mine's renewable electricity supply is expected to rise from 81% to 85%. For half of the year, Kibali anticipates meeting its entire electricity demand through renewable sources.

Barrick emphasized Kibali's leadership in automation, presenting it as a model for responsible mining in Africa. Situated in the remote northeast of the Democratic Republic of Congo (DRC), Kibali represents a longstanding partnership with the country, fostering economic growth and development in the region.

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The benefits of this partnership extend significantly to the DRC, with Barrick's total in-country investment reaching $4.7 billion through royalties, taxes, dividends, and payments to local suppliers. Additionally, Kibali's commitment to community development is evident through its support for various projects, with 44 new initiatives launched in 2023 alone. The mine's Cahier des Charges scheme, funded at $8.9 million over five years, spurred the commencement of 11 projects, with seven nearing completion. Barrick remains dedicated to biodiversity conservation, with plans to introduce more white rhinos to the Garamba National Park.

Operationally, Kibali met its production targets for 2023 and set a new record for annual throughput. It is also on track to replenish reserves mined during the year. Kibali stands as a testament to Barrick's commitment to collaborative partnerships with host countries and local communities. The company looks forward to further collaboration with the DRC government to expand investments and development projects in the region.



Barrick’s shares have lost 19.7% in the past year compared with a 10.8% fall of the industry. Zacks Investment Research

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Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Cameco Corporation CCJ, Carpenter Technology Corporation CRS and The Andersons ANDE, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Cameco has a projected earnings growth rate of 188% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 12.5% in the past 60 days. The stock is up around 68.1% in a year.

The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.97, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 34.6% in the past year.

ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 43.3% in the past year.

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