The Loulo-Gounkoto complex of Barrick Gold Corporation is retaining its position as a major contributor to the Malian economy, deep into the future capabilities as it continues to replace the ore depleted by mining. The information was announced by Mark Bristow, the chief executive of the corporation.
Image Credit: Shutterstock.com/ SARIN KUNTHONG
Over the past 24 years, Barrick and earlier operator Randgold contributed around $8 billion in Mali in the form of taxes, royalties, salaries and payments to local suppliers. To date, the company has paid $318 as taxes to the government in royalties, dividends and $13 million has paid for community wellbeing projects like education, health and economic development initiatives like the Business Accelerator Program that was designed to equip startup entrepreneurs with management skills.
During the media briefing, Bristow stated that Loulo-Gounkoto was in progress to attain its annual production guidance, with its new underground mine at Gounkoto. This is the third underground operation of the complex that is about to start production.
The successful exploration has helped enhance the mineral reserves net of depletion for three years in a row and guaranteed outcomes with the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential for further life-of-mine extensions.
Loulo-Gounkoto is one of the world’s greatest gold mining operations and it continues to confirm its status as a member of the industry’s elite Tier One1 club as well as the largest private sector contributor to Mali’s GDP. In addition to the enormous value it creates for its stakeholders, Loulo-Gounkoto also aspires to a high level of social responsibility.
Mark Bristow, Chief Executive, Barrick Gold Corporation
“Almost 40% of employees have been vaccinated against Covid-19 and 335 people have been vaccinated in the surrounding community. Security staff and other employees who come into contact with the community have undergone rigorous training in human rights. Work is also under way to secure the new certification standardized by the International Cyanide Management Institute,” added Bristow
The global policy of Barrick, which affirms employment and advancement of host country nationals, is ensured in the Loulo-Gounkoto phase. Residents from the neighboring Kenieba village were trained successfully to operate important equipment at the new Gounkoto underground mine. The entire complex is almost completely managed and manned by Malian citizens.