The Loulo-Gounkoto gold mine in Mali: a sustainable partnership beneficial to the local economy
For more than 26 years, the partnership between mining company Barrick (formerly Randgold) and the State of Mali has positioned the country’s gold mining industry as a growing global leader. The Loulo-Gounkoto complex, one of the world’s top ten gold producers, is now the largest company in all of West Africa by enterprise value.
The contribution of this mining complex to the Malian economy is significant, with a contribution of 9.3 billion dollars in recent years. It represents between 5 and 10% of the country’s GDP, thus demonstrating its essential role in the economic development of Mali.
In addition to its financial contribution, the Loulo-Gounkoto complex also plays an important role in terms of employment. With a workforce made up of 97% Malian workers, it employs around 7,000 people, making it one of the largest contributors in terms of jobs in the country.
The success of this partnership is based on several key factors. First, Barrick’s commitment to investing in exploration has uncovered new growth opportunities, ensuring the sustainability of the complex. In addition, Barrick has implemented a local procurement policy, thus favoring Malian suppliers and contributing to the economic development of the region.
In terms of production, the Loulo-Gounkoto complex continues to show good results and is on track to meet its annual targets. Worker safety remains a top priority, with no lost time accidents to report recently.
At the same time, Barrick is also committing to the transition to renewable energy by expanding its solar power and battery storage facilities. This project will not only reduce the carbon footprint of mining, but also contribute to the global goal of fighting climate change.
In conclusion, the partnership between Barrick and the State of Mali has made it possible to position the Loulo-Gounkoto complex as a major player in the gold mining industry in West Africa. Through continued investment, a local procurement policy and a commitment to sustainability, this partnership benefits the Malian economy and paves the way for future growth.