Barrick ramps up in new underground mine at Loulo-Gounkoto

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The Loulo-Gounkoto gold complex is expected to remain a major contributor to the Malian economy well into the future as it continues to replace ore depleted by mining, President of Barrick and CE Marc Bristow said.

Speaking at a press conference this weekend, Bristow said Loulo-Gounkoto was on track to meet its annual production targets, with its new underground mine at Gounkoto – the complex’s third underground operation – increasing production.

Thanks to successful exploration, it is on track to increase net depletion mineral reserves for the third consecutive year, while promising results from the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential for further life extensions. mine, Bristow noted.

Mines operated in Mali by Barrick and its predecessor Randgold Resources have spent some $ 8 billion in the country in the form of taxes, royalties, salaries and payments to local suppliers over the past 24 years, he said. he adds.

To date this year, the company has paid the government $ 318 million in taxes, royalties and dividends and has invested over $ 13 million in community wellness projects ranging from health and education to initiatives development programs such as its Business Accelerator program, which is designed to equip aspiring entrepreneurs with management skills.

“Loulo-Gounkoto is one of the largest gold mining operations in the world and continues to uphold its status as a member of the industry’s elite Tier One 1 club, as well as the largest private sector contributor to gross domestic product. from Mali.

“In addition to the enormous value it creates for its stakeholders, Loulo-Gounkoto also strives for a high level of social responsibility. Almost 40% of employees have been vaccinated against Covid-19 and 335 people from the surrounding community have been vaccinated.

“Security personnel and other staff who come into contact with the community have undergone rigorous human rights training. Work is also underway to obtain the new certification standardized by the International Cyanide Management Institute, ”said Bristow.

He stressed that Loulo-Gounkoto maintains its commitment to the employment and advancement of nationals of the host country, in line with Barrick’s global policy, and that residents of the nearby village of Kenieba have been successfully trained to operate the key equipment of the new underground mine in Gounkoto.

The complex is almost entirely staffed and managed by Malian citizens.

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