Mali: Barrick, Loulo-Gounkoto mines contribute $ 6.5 billion to the economy

Of the US $ 6.5 billion contributed to Mali’s national economy, a total of US $ 2.6 billion was allocated to taxes, royalties and dividends. Barrick Gold’s contribution to GDP in 2018 was approximately 6%. Mark Bristow said it during a press conference on 21 July in Bamako.

In front of local media, he said the government and Barrick’s leadership in Mali have made progress in resolving their pending tax disputes and the company expects to finalize the mediation process soon.

Value creation and partnership
The Loulo-Gounkoto complex currently includes the Yalea and Gara underground mines and the Gounkoto super-quarry which could be a fourth underground mine whose feasibility is being studied.

It is ranked as one of the 10 largest gold mines among its peers. This complex has again recorded in the last quarter, the largest production improvement in Barrick’s overall portfolio.

Indeed, Loulo is on track to achieve its 2019 production target of 690,000 ounces of gold as exploration continues around its three main deposits. Which is comforting its CEO, Mark Bristow.

« The Barrick mines have benefited Mali not only in terms of their contribution to the economy, but also in terms of world-class health, safety and environmental practices, their investment in sustainable development, their support to local contractors and suppliers and their policy of employing and empowering nationals. For their part, Mali and its people have been grateful hosts and partners and we hope to continue with them our constructive relations, « he told the Malian press.

CSR in the foreground
As he is in politics in all Barrick mines, CSR is always in the foreground. That’s why, to date, Loulo-Gounkoto has invested more than $ 6.4 million in community development.

Starting with the installation of a 20 megawatt solar power plant that is being installed. This will save the mine some 10 million liters of gas oil a year while reducing its carbon footprint and provide a lower-cost source of energy for communities after the eventual closure of the Loulo-Gounkoto complex.

Other community projects include the agricultural college created by the complex and released its third promotion whose members have all been placed in agribusiness projects.

Second Quarter 2019 Results Release on August 12 —
Preliminary Second Quarter Production Results on July 18https://t.co/lCuQ5KYJzI pic.twitter.com/XHngluIpSa

— Barrick Gold Corporation (@BarrickGold) July 11, 2019

A total of 19 schools, one for each village, were built and enrollments increased by over 5,000 to 500 when the mine was opened. Three clinics have been built for communities and the implementation of malaria and HIV / AIDS programs continues to reduce the incidence of deaths.

Also, the agro business center designed to leave after the closure of the mine, a sustainable economy for local communities takes shape.

Finally, it should be noted that all three mines in Loulo-Gounkoto are run by Malians and 95% of the 4,000 employees included in the complex are also Malians.

Nadine FULA