12:33 PM EDT, 10/08/2024 (MT Newswires) -- Barrick Gold ( GOLD ) on Tuesday said it expects gold discoveries near its Kibali mine in the Democratic Republic of Congo to further extend the life of the mine, already Africa's largest gold mine.

Mark Bristow, the company's chief executive, said in a release the ARK deposit, four kilometers from Kibali, may be a prospective multi-million ounce find, while an extension of Kibali's ore body will also help replace the mined resource.

The company said Kibali is on track to meet production and cost guidance for the year.

Barrick shares were last seen down $0.28 to $26.83 on the Toronto Stock Exchange.

Price: 26.83, Change: -0.28, Percent Change: -1.03