The 26-year partnership between Barrick and the state of Mali has helped the country’s gold mining industry become a world leader, according to Mark Bristow, CEO of the company. The Loulo-Gounkoto complex, one of the world’s leading gold producers, contributes significantly to the Malian economy, with leading enterprise value in West Africa.
Over the past ten years, the Loulo-Gounkoto complex has generated an economic contribution of $9.3 billion and represented between 5 and 10% of Mali’s GDP. It is also one of the main job providers in the country, with a workforce of 7,000 people, 97% of whom are Malians. The State has benefited from more than 70% of the economic benefits of this activity.
Barrick continues to invest in the development of the Loulo-Gounkoto complex, with a focus on exploration to identify new growth opportunities. The new Gounkoto underground mine is under development, while the expansion of the Yaléa South mine is progressing better than expected.
The company is also committed to local suppliers, with 74% of their purchases coming from Malian suppliers in the first half of this year. This is part of Barrick’s overall local procurement policy.
Regarding the Loulo-Gounkoto operations, Bristow points to the good results and commitment to safety. No lost time accident was reported during the last quarter.
In addition to its commitment to Mali’s economic development, Barrick is also working on the transition to renewable energy. The Loulo-Gounkoto complex plans to expand its solar power and battery storage facilities, which will reduce the carbon footprint of mining.
In summary, the partnership between Barrick and the State of Mali has been successful for the country’s gold mining industry. The Loulo-Gounkoto complex has contributed significantly to the Malian economy and remains a major employer. Barrick continues to invest in the development of the complex and is committed to local suppliers. Additionally, the company seeks to reduce its carbon footprint by adopting renewable energy sources