Barrick Gold’s Gounkoto ramps up production in Mali

Barrick Gold’s Loulo-Gounkoto complex in Mali remains on track to meet its annual production guidance. Image credit: Barrick Gold

Barrick Gold’s Gounkoto ramps up production in Mali

Barrick Gold’s Loulo-Gounkoto complex in Mali remains on track to meet its annual production guidance, as Gounkoto, the operations’ third underground mine, ramps up production.

Positive exploration results over the last three years will increase mineral reserves at the Loulo-Gounkoto complex even further, with promising results from the Yalea Ridge and Gounkoto-Faraba targets reaffirming the potential for further life-of-mine extensions.

According to Mark Bristow, President and CEO of Barrick Gold, Loulo-Gounkoto is set to remain a major contributor to the Malian economy well into the future as it continues to replace the ore depleted by mining.

“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 One club as well as the largest private sector contributor to Mali’s GDP,” says Bristow.

Mines operated in Mali by Barrick and its predecessor Randgold have spent close to USD8-billion in the country in the form of taxes, royalties, salaries and payments to local suppliers over the past 24 years.

To date this year, it has paid USD318-million to the government in taxes, royalties and dividends and invested more than USD13-million in community wellbeing projects ranging from health and education to economic development initiatives such as its Business Accelerator program, designed to equip budding entrepreneurs with management skills.

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.

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