The 26-year partnership between Barrick (formerly Randgold) and the state of Mali has transformed the country’s gold mining industry into a global leader, positioned for significant future growth, according to company CEO Mark Bristow.
In a press conference, Bristow pointed out that the Loulo-Gounkoto complex, one of the top ten gold producers in the world, is the largest company by enterprise value in West Africa. It has been a major contributor to the Malian economy, contributing $9.3 billion and accounting for between 5 and 10% of the country’s GDP over the past decade.
The Loulo-Gounkoto complex is not only an important economic contributor, but it also provides social benefits. It is one of Mali’s largest employers, with a workforce made up of 97% Malian workers. Over the years, the state has benefited from more than 70% of the economic benefits generated by the complex.
Barrick is committed to investing in the future of the Loulo-Gounkoto complex. Thanks to successful exploration activities, new growth opportunities have been identified, paving the way for major new discoveries in the Loulo area. The Gounkoto underground mine, the third in the complex, has already started operating, while the expansion of “Yaléa South” is ahead of schedule.
In terms of social responsibility, Barrick is committed to working closely with local suppliers, who represent 74% of the complex’s purchases. This strategy supports the local economy and creates jobs for surrounding communities.
In addition to its economic performance, the Loulo-Gounkoto complex emphasizes the safety of its workers. During the last quarter, no lost-time accidents were reported, demonstrating their commitment to the safety and well-being of their staff.
Barrick is also embarking on a transition to renewable energy by expanding its solar power and battery storage facilities. Already, 10MW of the mine’s micro-grid is powered by solar power, and the second phase of the project is expected to be completed well ahead of the planned end of 2024.
In conclusion, the partnership between Barrick and the State of Mali has been successful, making the Loulo-Gounkoto complex a key player in the global gold mining industry. Their commitment to economic development, local employment and security demonstrates their desire to create a mutually beneficial partnership for all stakeholders, including the citizens of Mali