The longstanding partnership between Barrick and the State of Mali has made the country’s gold mining industry a true world leader. The mining company, formerly known as Randgold, has seen its Loulo-Gounkoto complex become one of the ten largest gold producers in the world. This complex is now the largest company in terms of enterprise value in all of West Africa.
With an economic contribution of 9.3 billion dollars and representing between 5 and 10% of Mali’s GDP over the past ten years, Loulo-Gounkoto plays a vital role in the Malian economy. The mine employs nearly 7,000 people, 97% of whom are Malians. During its existence, the complex has paid more than 70% of its economic benefits to the State.
Barrick CEO Mark Bristow stressed the importance of continuing to invest in Loulo-Gounkoto’s future. Through successful exploration and management, new growth opportunities have been identified which could lead to major new discoveries in the area. In addition, the new Gounkoto underground mine and the expansion of “Yaléa South” are ahead of schedule.
Barrick is also continuing its local procurement policy, with 74% of the complex’s purchases coming from Malian suppliers. This partnership thus benefits the local economy and contributes to the development of the country.
Regarding Loulo-Gounkoto operations, Bristow highlighted good results and an optimistic outlook for the current year. Worker safety remains a top priority and no lost time accidents have been reported.
At the same time, Barrick’s transition to renewable energy continues with the expansion of solar power and battery storage facilities on site. This project will allow a reduction in the carbon footprint and greater energy autonomy for the complex.
This partnership between Barrick and the State of Mali shows the importance of a mutually beneficial commitment for the economic and social development of a country. By investing in the future of Loulo-Gounkoto and promoting local sourcing, Barrick is not only contributing to the Malian economy, but also to creating jobs and improving the living conditions of citizens