Title: The successful partnership between Barrick and the State of Mali: a model for the gold mining industry
Introduction :
Mali, a West African country, has become a world leader in the gold mining industry thanks to the successful partnership between Barrick (formerly Randgold) and the Malian state. This 26-year partnership has enabled the Loulo-Gounkoto complex to become one of the top ten gold producers in the world and to have a significant impact on the country’s economy. In this article, we will explore the details of this partnership and its importance for Mali.
A win-win partnership:
According to Barrick CEO Mark Bristow, the Loulo-Gounkoto complex is the largest enterprise by enterprise value in all of 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. This partnership has also created employment, with a workforce of 7,000 people, 97% of whom are Malians. In addition, more than 70% of the economic spinoffs generated by the complex have benefited the Malian State.
Continuous growth:
Barrick continues to invest in the future of the Loulo-Gounkoto complex by leveraging successful exploration to identify new growth opportunities. The new Gounkoto underground mine and the expansion of “Yaléa South” are under development, which will increase production and consolidate the complex’s position as a major contributor to the Malian economy.
A commitment to local development:
Barrick also emphasizes local sourcing, favoring Malian suppliers who represent 74% of the complex’s purchases. This strengthens ties with local communities and contributes to the economic development of the country.
A focus on safety and the environment:
In addition to economic development, Barrick places great importance on the safety of its workers. He points out that no lost time accident was reported during the last quarter. Additionally, Barrick is committed to the transition to renewable energy by expanding its solar power and battery storage facilities. This initiative reduces the environmental impact of mining operations.
Conclusion :
The long-standing partnership between Barrick and the State of Mali has transformed the country’s gold mining industry and contributed significantly to its economic development