The historic 26-year partnership between Barrick (formerly Randgold) and the State of Mali has propelled the country’s gold mining industry to world leadership. Mark Bristow, CEO of the Company, pointed out at a recent press briefing that the Loulo-Gounkoto complex, one of the top ten gold producers in the world, is the largest company by enterprise value in all of West Africa.
Over the years, the Loulo-Gounkoto mining complex has contributed significantly to the Malian economy, generating more than $9.3 billion and representing between 5 and 10% of the country’s GDP over the past decade. As a major provider of jobs, with a workforce of 7,000 people, 97% of whom are Malians, the complex has played a crucial role in the economic and social development of the country. In addition, the State has benefited from more than 70% of the economic benefits generated by the complex.
Bristow highlighted Barrick’s continued efforts to invest in the development and future of Loulo-Gounkoto. Exploration activities have identified new growth opportunities, paving the way for the next generation of major discoveries in the Loulo area. The new Gounkoto underground mine and Yaléa South expansion are underway, demonstrating Barrick’s commitment to driving the complex’s growth and productivity.
At the same time, Barrick maintains a local procurement policy, favoring Malian suppliers who represent 74% of the complex’s purchases. This has a significant economic impact, strengthening local supply chains and contributing to job creation and boosting the local economy.
Worker safety is a top priority for Barrick, and ongoing accident prevention efforts have paid off. During the last quarter, there were no lost time injuries, demonstrating the company’s commitment to the safety and well-being of its employees.
As part of its transition to renewable energy, Barrick is stepping up efforts to expand the use of solar power and battery storage at the Loulo-Gounkoto site. Currently, the solar power project is already powering 10 MW of the mine’s micro-grid, and a second phase is planned to be operational well before the planned end of 2024. This initiative will allow the mine to reduce its carbon footprint and contribute to the transition to cleaner energy.
In summary, the partnership between Barrick and the State of Mali has been a key driver of the country’s economic growth, making Loulo-Gounkoto a world leader in the gold mining industry.. Continued investments, commitment to local suppliers, worker safety and transition to renewable energy underscore Barrick’s long-term vision and role as a strong partner for Mali’s sustainable development