GOLD - Loulo-Gounkoto Delivers Another Value-Creating Performance | Benzinga
All amounts expressed in US dollars
LOULO, Mali, March 10, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – The Loulo-Gounkoto complex in Mali, one of the world's largest gold producers, has contributed more than $1 billion to the Malian economy over the past 12 months, maintaining its long record as one of the country's largest and most consistent revenue generators.
The complex is on track to meet its production guidance for the current quarter and the year. There have been no lost time injuries or major environmental incidents during the quarter to date.
Speaking to media and stakeholders at the mine today, Mark Bristow, president and chief executive of operator Barrick Gold Corporation, said the complex showed that a world-class mining business, developed by international investors but run entirely by Malians, could deliver real value to the state and the people.
"In our 29 years in Mali, we have seen multiple changes in government and administration. We have worked with each of these administrations for the mutual benefit of all stakeholders and, in the spirit of partnership, we continue to invest in the extension of Loulo-Gounkoto's life. It is worth noting that, in line with Barrick's policy of supporting local businesses, Malian contractors have been appointed to extend Gara West and re-open the Baboto open pit where drilling has confirmed a potential high-grade extension of the mineralized structure," he said.
"We are also looking for fresh growth opportunities within the Loulo region, among other things through a high-resolution airborne magnetic geophysical survey designed to complete the next generation of high-impact targets."
The commissioning of Phase 2 of the complex's solar power plant extension to 60 megawatts and its new battery storage system marked another stage in its transition to renewable energy.
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