Historic partnership between Barrick and the State of Mali: propelling the gold industry
For 26 years now, Barrick (formerly Randgold) and the State of Mali have enjoyed a fruitful partnership that has made the country’s gold mining industry a leading global player. Mark Bristow, CEO of the company, recently pointed out at a press conference that the Loulo-Gounkoto complex, one of the ten largest gold producers in the world, is the largest company in terms of gold value. company from all over West Africa.
This partnership has enabled the Loulo-Gounkoto complex to contribute $9.3 billion to the Malian economy, representing between 5 and 10% of the country’s GDP over the past ten years. As one of Mali’s largest tax contributors and employers, the resort employs nearly 7,000 people, 97% of whom are Malians. During its lifetime, it generated more than 70% of the economic spinoffs in favor of the State.
Mark Bristow said Barrick continues to invest in Loulo-Gounkoto’s future. Thanks to successful exploration, new growth opportunities have been identified, paving the way for potential major discoveries in the Loulo area. The new Gounkoto underground mine and the expansion of “Yaléa South” are ahead of forecasts, testifying to the positive dynamics of the mining complex.
Barrick’s CEO also highlighted the group’s commitment to sustainability and renewable energy. Indeed, the Loulo-Gounkoto complex is looking to expand its solar power installations and 40 MW battery storage system, with the aim of reducing its carbon footprint. Currently, the project is already supplying the mine’s micro-grid with 10 MW, and its second phase should be operational before the end of 2024.
This fruitful collaboration between Barrick and Mali is also reflected in a local procurement policy. Indeed, 74% of the purchases of the Loulo-Gounkoto complex are made from Malian suppliers, thus promoting the country’s economic development.
In conclusion, the long-standing partnership between Barrick and the State of Mali has propelled the country’s gold industry to the top of the world. Thanks to continuous investments, successful exploration and a local procurement policy, the Loulo-Gounkoto complex actively contributes to the Malian economy and paves the way for promising future growth. This collaboration demonstrates the importance of a mutually beneficial partnership for all stakeholders, including Malian citizens, while integrating responsible practices for sustainable development