The gold mining industry in Mali: a fruitful partnership between Barrick and the State
In the global mining landscape, Mali has earned a prominent place thanks to its 26-year partnership with Barrick (formerly Randgold). This partnership has positioned the country’s gold mining industry as a global leader, positioned for even greater growth. Mark Bristow, CEO of Barrick, pointed out at a press conference that the Loulo-Gounkoto complex, one of the world’s top ten gold producers, is the largest company by enterprise value of any West Africa.
This mining complex has brought significant economic benefits to Mali, contributing $9.3 billion to its economy. It has represented between 5 and 10% of the country’s GDP over the past ten years. Loulo-Gounkoto is also a major contributor to employment, with around 7,000 people working at the site, 97% of whom are Malians. The mining complex has generated more than 70% of the economic benefits for the benefit of the Malian State.
Barrick continues to invest in the future of Loulo-Gounkoto, with successful exploration that has identified new growth opportunities. The new Gounkoto underground mine and the expansion of “Yaléa South” are under development. The mining complex is expected to continue to be a major contributor to Mali’s economy for years to come.
In addition to its economic benefits, Barrick also emphasizes social and environmental responsibility. The group promotes local sourcing by allocating 74% of its purchases in Mali to local suppliers, or $298 million in the first half of this year. Barrick is also committed to the transition to renewable energy by expanding its solar power and battery storage facilities on site, helping to reduce its carbon footprint.
The group also emphasizes the safety of its workers, with no major accidents reported during the last quarter. This attention to safety demonstrates Barrick’s commitment to the well-being of its employees.
The partnership between Barrick and the Malian state has created a thriving gold mining industry that benefits both the country and the local population. With solid growth prospects and an ongoing commitment to sustainable development, Mali is positioning itself as a key player in the global mining sector