Barrick Continues to Invest in Mali, its mines account for 10% GDP
Loulo Gold Mine, Mali – Barrick president and chief executive Mark Bristow said here today the need to guarantee the long-term viability of the Loulo-Gounkoto gold mining complex was of the utmost importance to ensure the Malian mining industry’s sustainability and maintain its substantial contribution to the country’s economy.
Speaking to local media and stakeholders, Bristow noted that over the past 29 years Barrick had invested more than $10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country’s gross domestic product (GDP) annually. In the past year alone, Barrick has contributed more than a $1 billion to the Malian economy.
“We continue to work constructively towards a global resolution of our differences and finding common ground on the key issue of sharing the economic benefits of our operations without damaging the future viability of these valuable contributors to the economy,” said Bristow.
“It’s worth noting that Barrick developed a highly successful benefit-sharing partnership for our Tanzanian operations which has since also been used as a model for the reopened Porgera mine in Papua New Guinea.”
Bristow cautioned that the current economic and political climate in Mali had caused exploration companies to curtail or suspend their operations in the country which would impact gold production in the long run. “In contrast, Barrick has been engaging with the National Directorate of Geology and Mines (DNGM) to grow our exploration footprint here, securing our ability to deliver real value to Mali and our stakeholders in the country,” he said.
