The 26-year partnership between Barrick (formerly Randgold) and the state of Mali has propelled the country’s gold mining industry to the top of the world, paving the way for even greater growth. This was stated by Mark Bristow, CEO of the company at a recent press conference.
Thanks to this strong partnership, the Loulo-Gounkoto complex has become one of the top ten gold producers in the world and the largest company in terms of enterprise value in all of West Africa. Not only that, but it has also played a key role in Mali’s economy contributing $9.3 billion and accounting for between 5-10% of the country’s GDP over the past ten years.
Loulo-Gounkoto’s notoriety is not limited only to its impressive economic results. It is also a major contributor to employment in Mali, with a workforce of nearly 7,000 people, 97% of whom are Malians. In addition, the state has benefited from more than 70% of the economic benefits generated by the complex over the years.
But Barrick does not intend to stop there. The company continues to invest in the future of Loulo-Gounkoto by focusing on successful exploration to identify new growth opportunities. The Gounkoto underground mine, the third in the complex, has already started operations, and the expansion of “Yaléa South” is even proceeding ahead of schedule.
This continued development of the mining complex promises to have a major impact on Mali’s economy in the years to come. Barrick is committed to maintaining a mutually beneficial partnership with the state and to fostering positive outcomes for all stakeholders, including the citizens of Mali.
As a responsible company, Barrick also emphasizes its commitment to local sourcing. During the first half of this year, Malian suppliers accounted for 74% of the purchases of the Loulo-Gounkoto complex, amounting to 298 million dollars. This not only helps support the local economy, but also strengthens the ties between the mining industry and surrounding communities.
Regarding the Loulo-Gounkoto operations, they continue to perform well and are on track to meet the production targets set for this year. Worker safety remains a top priority, and the resort has managed to maintain an excellent record in terms of workplace accidents.
Alongside these performances, Barrick is also making a transition to renewable energies. The Loulo-Gounkoto complex is expanding its solar power and battery storage facilities to reduce its carbon footprint and promote sustainable development. This project already supplies part of the mine’s micro-grid, and a second phase is planned to be operational before the end of 2024..
In conclusion, the partnership between Barrick and the State of Mali has been essential in making the country’s gold mining industry a world leader. The Loulo-Gounkoto complex has not only brought significant economic benefits, but it has also created local jobs and strengthened ties with Malian suppliers