Title: The gold industry in Mali: a fruitful partnership for promising growth
Introduction :
The gold mining industry in Mali is booming thanks to a strong partnership between Barrick (formerly Randgold) and the Malian state. This partnership, which has lasted for 26 years, has enabled the Loulo-Gounkoto complex to become one of the main gold producers in the world. This success generated major economic benefits for the country, contributing $9.3 billion to the Malian economy. In this article, we will explore the benefits of this partnership and the prospects for the growth of the gold mining industry in Mali.
A solid partnership for sustained growth:
The partnership between Barrick and the Malian state has been a key driver in the development of the gold mining industry in Mali. The Loulo-Gounkoto complex, which is among the ten largest gold producers in the world, is today the largest company in terms of enterprise value in all of West Africa. This complex has contributed significantly to the Malian economy, representing between 5 and 10% of the country’s GDP over the past ten years.
The economic benefits:
In addition to its contribution to GDP, the Loulo-Gounkoto complex is also a major player in terms of job creation and tax revenue for the country. With a workforce that is 97% Malian, the complex employs approximately 7,000 people. During its lifetime, it brought more than 70% of the economic benefits to the Malian state. Additionally, in line with Barrick’s local procurement policy, Malian suppliers benefited from 74% of the resort’s purchases.
Growth prospects:
Barrick continues to invest in the future of Loulo-Gounkoto by implementing successful exploration strategies. These efforts have identified new growth opportunities, paving the way for the discovery of new gold reserves in the Loulo area. In addition, the new underground mine at Gounkoto and the expansion of “Yaléa South” are ahead of schedule, strengthening the complex’s production and growth prospects.
Commitment to a Mutually Beneficial Partnership:
To ensure the sustainability of this growth, Barrick stresses the importance of an ongoing commitment to a mutually beneficial partnership with the Malian state. This commitment will help maintain economic benefits for all stakeholders, including Malian citizens.
Transition to renewable energies:
As part of its transition to renewable energy, the Loulo-Gounkoto complex is expanding its solar power facilities and battery storage system. This project, already powered by a 10 MW micro-grid, aims to reach a capacity of 40 MW by the end of 2024. This initiative demonstrates Barrick’s commitment to environmental sustainability and its desire to reduce its carbon footprint.
Conclusion :
The long-standing partnership between Barrick and the Malian state has propelled Mali’s gold mining industry to world leadership. The Loulo-Gounkoto complex continues to generate major economic benefits for the country, while positioning itself favorably for future growth. With a continued commitment to mutually beneficial partnership and the transition to renewable energy, the gold mining industry in Mali is well on its way to continued expansion and bringing lasting benefits to all stakeholders