The historic 26-year partnership between Barrick (formerly Randgold) and the state of Mali has propelled the country’s gold mining industry to new heights, according to company CEO Mark Bristow. During a press briefing, Bristow pointed out that the Loulo-Gounkoto complex, one of the top ten gold producers in the world, was the largest company by enterprise value in West Africa.
This partnership has contributed significantly to the Malian economy, contributing $9.3 billion and representing between 5 and 10% of the country’s GDP over the past decade. Additionally, the Loulo-Gounkoto complex is a major employer, with a workforce that is 97% local.
Bristow also highlighted continued investment in the future development of the complex. Thanks to successful exploration activities, new growth opportunities have been identified, paving the way for the discovery of significant new reserves in the Loulo region. In addition, the new underground mine at Gounkoto and the expansion of “Yaléa South” are ahead of schedule. These projects not only have a positive economic impact, but also contribute to the creation of local jobs.
In terms of local sourcing, Barrick also underscored its commitment to Malian suppliers, with 74% of the resort’s purchases coming from local suppliers.
In addition to economic performance, the Loulo-Gounkoto complex attaches great importance to the safety of its employees. During the last quarter, no lost time accidents were recorded, demonstrating the company’s commitment to the well-being of its workers.
As part of the transition to renewable energy, the Loulo-Gounkoto complex has also undertaken the extension of its solar energy and battery storage facilities, aiming to reduce its carbon footprint. The project has already powered the mine’s microgrid with a capacity of 10 MW, and the second phase is expected to be completed before the end of 2024.
In conclusion, the partnership between Barrick and Mali has had a major impact on the country’s gold mining industry, contributing to the national economy and creating local jobs. With ongoing development projects and a commitment to renewable energy, the Loulo-Gounkoto complex is on the path to continued growth and a lasting economic contribution to Mali