The Loulo-Gounkoto gold complex is set to remain a major contributor to the Mali economy well into the future as it continues to replace the ore depleted by mining, Barrick president and CE Mark Bristow has said.

Speaking at a media briefing at the weekend, Bristow said Loulo-Gounkoto was on track to meet its yearly production guidance, with its new underground mine at Gounkoto — the complex’s third underground operation — ramping up production.

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

To date this year, the company has paid $318-million to the government in taxes, royalties and dividends and invested more than $13-million in community wellbeing projects ranging from health and education to economic development initiatives such as its Business Accelerator programme, which is designed to equip budding entrepreneurs with management skills.

“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 1 club, as well as the largest private sector contributor to Mali’s gross domestic product.

“In addition to the enormous value it creates for its stakeholders, Loulo-Gounkoto also aspires to 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 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 standardised by the International Cyanide Management Institute,” Bristow said.

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

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