Successful partnership will continue to shine gold mining for Mali
Loulo-Gounkoto is one of Mali’s largest taxpayers and employers, with a workforce of approximately 7,000, 97% of whom are Malian nationals. Over the life of the complex, the state has received more than 70% of the economic benefits it created
The 26-year partnership between Barrick and the state of Mali has made the country’s gold mining industry a global leader and strongly positioned for further growth, said President and CEO Mark Bristow.
Bristow says the Loulo-Gounkoto gold mining complex, one of the world’s top 10 gold producers, was the largest company by enterprise value in all of West Africa.
Together with the Morila mine, the complex has contributed $9.3 billion to the Malian economy and has accounted for between 5% and 10% of the country’s GDP over the past 10 years.
Loulo-Gounkoto is one of Mali’s largest taxpayers and employers, with a workforce of approximately 7,000, 97% of whom are Malian nationals. Over the life of the gold mining complex, the state has received more than 70% of the economic benefits it created.
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“We continue to invest in the future of Loulo-Gounkoto. Successful exploration is more than replacing the ounces we mine, but also identifying new growth opportunities with the potential to deliver the next generation of great discoveries in the Loulo region.
“The new underground mine at Gounkoto – the third of the complex – has developed its first gold mining production halts and cuts at Yalea South are ahead of schedule,” says Bristow.
“We foresee that the complex will make an important contribution to the Malian economy in the coming years. Achieving that vision requires continued commitment to the mutually rewarding partnership that has brought us this far and has delivered sustainable benefits to all stakeholders, including the country’s citizens.”
Consistent with Barrick’s global policy of local sourcing, Malian suppliers accounted for 74% of the complex’s purchases, worth $298 million, during the first half of this year.
Turning to Loulo-Gounkoto’s business, Bristow said the complex continued to perform strongly and was on track to meet gold mining production guidelines set for this year. It remains sharply focused on the safety of its employees and there were again no lost time accidents last quarter.
As part of Barrick’s transition to renewable energy, the gold mining complex is expanding its solar power facility and battery storage system by 40 MW. The project is already powering 10 MW into the mines micro-grid and the second phase is expected to be commissioned well ahead of the current completion date of late 2024.
Barrick Gold Corporation is a leading international gold mining company with operations in multiple countries, including the West African nation of Mali. Mali is known for its rich mineral resources, especially gold, which has attracted significant investment from Barrick Gold.
In Mali, Barrick Gold Corporation operates the Loulo Gounkato complex, one of the largest gold mines in the country. The gold mining complex consists of several open pit mines and underground operations, producing significant amounts of gold annually. Barrick Gold’s presence in Mali has contributed to the country’s position as one of Africa’s largest gold producers.
However, the company has faced challenges in recent years due to political instability and security concerns in Mali. The country has experienced periods of civil unrest, including military coups and terrorist activities, which have affected the activities of the mining industry. These challenges have led to temporary suspensions of mining operations and heightened security measures to ensure the safety of personnel and assets.
Despite the challenges, Barrick Gold remains committed to his business in Mali. The company continues to work closely with the Malian government and local communities to promote sustainable development and contribute to the country’s economic growth. In addition, Barrick Gold is actively engaged in corporate social responsibility initiatives by investing in education, health care and infrastructure projects to benefit communities in the vicinity of its mining operations.
In conclusion, the presence of Barrick Gold Corporation in Mali through the Loulo-Gounkoto complex demonstrates the company’s commitment to mining activities in the country. While facing challenges due to political instability and security concerns, Barrick Gold remains committed to responsible mining practices and contributing to Mali’s economic development.