A strong 26-year partnership between Barrick and the State of Mali has made the country’s gold mining industry a major player on the world stage. According to Mark Bristow, CEO of the company, the Loulo-Gounkoto complex, one of the top ten gold producers in the world, has contributed significantly to the Malian economy, with significant enterprise value. This strong relationship has generated between 5 and 10% of the country’s GDP over the past ten years.
The Loulo-Gounkoto complex has played a key role in Mali’s economic development. It generated more than $9.3 billion in economic contributions and was one of the country’s largest employers, with a workforce made up of 97% Malian workers. In addition, the State has benefited from more than 70% of the economic benefits generated by the complex.
Barrick also maintained its commitment to local development, promoting local sourcing for 74% of purchases made by the resort. This has had a positive impact on the Malian economy, creating opportunities for local suppliers and strengthening the country’s economic capacities.
Barrick’s CEO stressed the continued importance of investment in the Loulo-Gounkoto complex, with a focus on performing exploration and identifying new growth opportunities. In addition to ongoing activities, the new Gounkoto underground mine and the expansion of “Yalea South” are under development, which further strengthens the position of the complex.
Barrick has also taken steps towards environmental sustainability by expanding its solar power and battery storage facilities. This project will reduce the carbon footprint of the complex and promote a transition to renewable energies.
The success of the Loulo-Gounkoto complex is the result of a mutually beneficial partnership between Barrick and the State of Mali. This solid partnership has stimulated the Malian economy, created jobs and contributed to local development. Barrick is committed to maintaining this successful relationship and continuing to invest in the future of the resort, for the benefit of all stakeholders, including the citizens of Mali.