Global gold miner Barrick Gold Corporation’s Loulo-Gounkoto complex, in Mali, exceeded its guidance for 2019, producing 714 802 oz of gold, and is set to meet all the targets of its ten-year plan.

CE Mark Bristow says the project again demonstrated its mettle, performing consistently to plan and replacing depleted reserves – the company has undertaken brownfield exploration and resource conversion at the complex for some time.

With the development of the complex’s third underground mine scheduled to start in the fourth quarter of this year, and an intensive exploration programme under way in the Kenieba region, Loulo-Gounkoto has significant growth potential and is well-placed to meet all the targets of its ten-year plan.

Additionally, the project is pioneering the company’s first solar power project, which is being developed in four phases. The first phase is scheduled for commissioning at the end of the first quarter and the last phase in the fourth quarter of this year.

The solar power project will add 20 MW to the Loulo-Gounkoto complex’s grid, which will help lower energy costs and reduce carbon emissions by 40 000 t/y.

Bristow says the solar power project will serve as a model for the introduction of solar power across the company’s operations, particularly in North America.

The complex is also undergoing implementation of the Ramjack Newtrax project, which entails the installation of a fibre communications network underground, setting the foundation for automation and monitoring of the complex’s underground mines.

COMMUNITY INVESTMENT

Loulo-Gounkoto continued to invest in community health, education and economic development programmes in 2019. These investments include a $2.2-million agricultural complex, which produced its first crop of 48 young farmers who have been deployed on 30 new farms. They were provided with the necessary technical and entrepreneurial skills, as well as credit.

During last year, Loulo-Gounkoto spent $313-million with local contractors and suppliers and continued developing local businesses by creating a $500 000 provision for an incubation project, which is designed to incorporate local contractors into the mining industry.

“Over the past 23 years, Barrick and its legacy company Randgold Resources have contributed $7.2-billion to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers.

“Over the same period, our mines in Mali paid $2.7-billion in dividends, taxes and royalties to the State – almost three times the $1-billion dividend received by Barrick,” Bristow said.

He notes that it is a cardinal principle of Barrick that its host communities share equitably in the benefits created by the company’s operations.

“This is also the product of a long and constructive partnership between the government of Mali and ourselves and, in this regard, it is gratifying to report that we have made significant progress towards settling the dispute between us over tax and related issues which allows us to look forward to continuing to grow our partnership with the Mali government and its people.”