HomeExplorationBarrick hunts Loulo region for new discoveries

Barrick hunts Loulo region for new discoveries

The Loulo-Gounkoto complex is set to maintain its status as one of the world’s Top 10 gold producers as it stays on track to meet this year’s guidance and continues to replace the reserves depleted by mining.

Barrick president and chief executive Mark Bristow has noted that in the 26 years Barrick had been in Mali, it has worked tirelessly with successive governments and local partners to grow Mali’s mining industry and to promote it as a global investment destination, in the face of many social and political challenges.

Over this time, Barrick has contributed almost $10 billion to the Malian economy in the form of taxes, royalties, salaries, and payments to local suppliers.

Some 70% of the economic benefit currently generated by the complex goes to its Malian stakeholders. Loulo-Gounkoto has contributed between 5% and 10% to the Malian GDP over the past 10 years.

Barrick has also developed a previously non-existent mining skills base in the region and Loulo-Gounkoto’s entire management team are citizens of Mali.

“Mali was the birthplace of Barrick’s philosophy of genuine partnerships with its host governments. Close relationships can over time be stressed by misconceptions but in the past we have always been able to find solutions through open and transparent dialogue.

“Mutually acceptable solutions can be achieved if there is a genuine commitment to seek outcomes that deliver real and long-term value for Mali and its people,” he said.

Meanwhile, exploration teams continue to find new growth opportunities in the very prospective Loulo region. Updated geological models have already identified new high-priority targets with the potential of delivering the next generation of major discoveries.

“We remain committed to Mali and, as we invest in future growth here, we look forward to maintaining a mutually beneficial partnership with the authorities and our in-country stakeholders,” Bristow said.