Mali’s Loulo-Gounkoto Surpasses DRC’s Kibali in Gold Production, Records 6% Growth in 2024

Loulo-Gounkoto mining complex in Mali has toppled Kibali gold mine in the Democratic Republic of Congo (DRC) in gold production, shows the statistics published on Wednesday, February 12, 2025 by Barrick, which holds interests in each of the projects.

According to the statistics, Loulo-Gounkoto has recorded 723,000 ounces of gold in 2024, showing an increase of approximately 6% compared to 2023 making it the first major gold mine in Africa.

It surpasses the Kibali project in DRC, which produced 686,000 ounces that year—a 10% decline.

Experts suggest that Kibali has consistently outperformed Loulo-Gounkoto in gold production for several years, though the gap has steadily narrowed. By 2024, they anticipate a definitive shift, particularly due to Kibali’s underperformance.

“At the beginning of the financial year, Barrick and its joint venture partner AngloGold Ashanti projected gold production from the Congolese mine to range between 711,000 and 800,000 ounces. However, by the end of the first three quarters of 2024, output had reached only 509,000 ounces, reflecting an 8% year-on-year decline,” a source revealed.

“Production saw a modest rise in the first two quarters, reaching 350,000 ounces—up 4% from 2023. However, the third quarter experienced a sharp 28% decline. AngloGold Ashanti attributes this downturn to lower gold grades, which impacted the annual results. Although there was a slight recovery in the fourth quarter, the combined output of the last two quarters remained below the previous year’s levels.”

Many analysts believe the two mines face diverging futures.

For Kibali, Barrick anticipates a strong rebound in 2025, projecting production between 688,000 and 755,000 ounces. In contrast, uncertainty looms over Loulo-Gounkoto, as the company has excluded the mine from its forecast for the new year due to an ongoing dispute with the Malian government.

“The company announced that Loulo-Gounkoto has been excluded from its 2025 guidance due to the temporary suspension of operations. Guidance will be updated to include Loulo-Gounkoto once there is clearer visibility on the timeline for resuming operations. If the company successfully resolves operational challenges, this could see Kibali reclaim its position as Africa’s largest gold mine as early as 2025.”