The long-standing partnership between Barrick, formerly Randgold, and the state of Mali has propelled the country’s gold mining industry into a global leader, with great prospects for growth, says company CEO Mark Bristow.
The Loulo-Gounkoto mining complex, one of the ten largest gold producers in the world, is the largest enterprise by value in the gold sector in West Africa. It has contributed $9.3 billion to the Malian economy and has represented between 5 and 10% of the country’s GDP for ten years. As Mali’s largest tax contributor and employer, the resort employs approximately 7,000 people, 97% of whom are Malians. During its lifetime, it generated more than 70% of the economic benefits for the State.
Bristow emphasizes that Barrick continues to invest in the future of Loulo-Gounkoto through successful exploration that uncovers new growth opportunities and major future discoveries. At the same time, the new Gounkoto underground mine is progressing according to plan, and the expansion of “Yaléa South” is ahead of plan. Thus, the complex should continue to contribute significantly to the Malian economy in the future.
Regarding ongoing operations, Bristow says the Loulo-Gounkoto complex is performing well and is on track to meet its production targets for this year. Worker safety remains a top priority, and no labor disruptions were reported during the last quarter.
As part of its transition to renewable energy, the Loulo-Gounkoto complex is expanding its solar power installation and battery storage system. Already in operation with a capacity of 10 MW, the second phase of the project should be operational well before the planned date of the end of 2024.
Barrick also continues to favor local suppliers, with 74% of the complex’s purchases coming from Mali, for $298 million in the first half of this year, in line with its global local procurement policy.
In conclusion, the strong partnership between Barrick and the State of Mali has helped position the Loulo-Gounkoto complex as a world leader in the gold mining industry