The 26-year partnership between mining company Barrick (formerly Randgold) and the state of Mali has propelled the country’s gold industry to world leadership, according to company CEO Mark Bristow. During a press briefing, Bristow pointed out that the Loulo-Gounkoto complex, one of the ten largest gold producers in the world, is the largest company in West Africa in terms of enterprise value. . Contributing $9.3 billion to the Malian economy, the complex has accounted for between 5 and 10% of the country’s GDP over the past ten years.
Barrick also underlined its commitment to sustainability and social responsibility, backed by a local sourcing policy that favors Malian suppliers. During the first half of this year, 74% of the complex’s purchases were made from Malian suppliers, for a total amount of $298 million.
The CEO also emphasized worker safety and Barrick’s commitment to renewable energy. The Loulo-Gounkoto complex is gradually turning to solar energy, with the extension of its facilities and a 40 MW battery storage system. This project will reduce the environmental impact and contribute to Mali’s energy transition.
Bristow emphasized that Barrick will continue to invest in the future of the Loulo-Gounkoto complex, focusing on exploration and identifying new growth opportunities. With the commissioning of the new Gounkoto underground mine and the expansion of the “Yaléa South” site, the complex should continue to be a major player in the Malian economy in the years to come.
This enduring partnership between Barrick and the State of Mali demonstrates the importance of the gold mining industry to the country’s economic development. Thanks to responsible practices and a long-term vision, the Loulo-Gounkoto complex contributes not only to the Malian economy, but also to employment and the well-being of local communities