BARRICK GOLD: Successful partnership will keep gold shining for Mali
Loulo-Gounkoto, Mali – The 26-year-long partnership between Barrick (previously Randgold) and the state of Mali has built the country’s gold mining industry into a world leader and positioned it strongly for further growth, president and chief executive Mark Bristow said here today.
Speaking at a media briefing, Bristow said the Loulo-Gounkoto complex, one of the world’s top 10 gold producers, was the biggest business in terms of enterprise value in the whole of West Africa. Together with the Morila mine, the complex has contributed $9.3 billion to the Malian economy and accounted for between 5% and 10% of the country’s GDP over the past 10 years.
Loulo-Gounkoto is one of Mali’s largest taxpayers and employers, with a workforce of some 7,000, 97% of whom are Malian nationals. Over the life of the complex the state has received more than 70% of the economic benefits it created.
“We are continuing to invest in the future of Loulo-Gounkoto. Successful exploration is more than replacing the ounces we mine as well as identifying new growth opportunities with the potential to deliver the next generation of major discoveries in the Loulo region. The new underground mine at Gounkoto — the complex’s third — has developed its first production stopes and the Yalea South cutback is ahead of plan,” Bristow said.
“We foresee that the complex will be a major contributor to the Malian economy for years to come. The achievement of that vision will require the continued commitment to the mutually rewarding partnership which has brought us this far and delivered sustainable benefits to all stakeholders, including the country’s citizens.”
In line with Barrick’s global policy of local procurement, Malian suppliers accounted for 74% of the complex’s purchases, amounting to $298 million, during the first half of this year.
Turning to Loulo-Gounkoto’s operations, Bristow said the complex was continuing to perform strongly and was on track to achieve its production guidance for this year. It remains tightly focused on the safety of its workers and there were no lost-time injuries again during the past quarter.
As part of Barrick’s transition to renewable energy, the complex is extending its solar power installation and battery storage system by 40MW. The project is already feeding 10MW into the mines micro-grid and it is expected that its second phase will be commissioned well ahead of the current end-2024 completion date.
