Loulo-Gounkoto Beats 2019 Guidance, Commits to New Decade of Delivery and Investment
NEWS RELEASE
All amounts expressed in US dollars.
Loulo-Gounkoto Beats 2019 Guidance,
Commits to New Decade of Delivery and Investment
Bamako, Mali – January 30, 2020 – Barrick Gold Corporation’s Loulo-Gounkoto complex has again demonstrated its
mettle, exceeding its 2019 guidance with production of 714,802 ounces of gold1.
Barrick’s president and chief executive Mark Bristow told a briefing for local media that the complex continued to perform
consistently to plan and was still managing to replace depleted reserves through successful brownfields exploration and
resource conversion.
“With the development of the complex’s third underground mine scheduled to start in the fourth quarter of this year, and
an intensive exploration program in the Kenieba region, Loulo- Gounkoto has significant growth potential and is well -
placed to meet all the targets of its 10-year plan,” he said.
In line with Barrick’s clean energy strategy, Loulo- Gounkoto is pioneering the group’s first solar power project. This is
being developed in four phases, with the first scheduled for commissioning at the end of the first quarter and the last in
the fourth quarter of this year. It will add 20MW to the complex’s grid, reduce the unit cost of its power and cut carbon
emissions by some 40,000 tonnes per year. Bristow said it would serve as a model for the introduction of solar power
elsewhere across Barrick, particularly at its North American operations.
Also being implemented at present is the Ramjack Newtrax project, which is setting the foundation for the automation
and monitoring of the complex’s underground mines through a fiber network.
Despite the high activity level, the complex maintained its solid safety recor d with Lost Time Injuries (LTIs) at Loulo
decreasing from four to two year-on-year, and Gounkoto recording its second successive LTI-free year.
Bristow said Loulo-Gounkoto continued to invest in community health, education and economic development programs.
One of these is the agricultural complex established and funded to the tune of $2.2 million. This has produced its first
crop of 48 young farmers who have been installed on 30 new farms and provided not only with the necessary technical
and entrepreneurial skills, but with the credit to apply these effectively.
During 2019, 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 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.
“It is a cardinal principle of Barrick that our host countries and communities should share equitably in the benefits created
by our operations. Some, such as skills development and employment creation, cannot be measured, but as these
figures demonstrate, the quantifiable value we deliver to Mali is very substantial,” Bristow said.
“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.”
Barrick enquiries
President and chief executive
Mark Bristow
+1 647 205 7694
+44 788 071 1386
COO, Africa and Middle East
Willem Jacobs
+44 779 557 5271
+243 820 678 040
Group regional manager
West Africa
Mahamadou Samaké
+223 66 75 61 36
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION NEWS RELEASE
Endnotes
1 On a preliminary 100% basis. Our 2019 attributable production forecast is 520 - 570 thousand ounces for Loulo-Gounkoto.
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mineral reserve and mineral resource replacement at the Loulo- Gounkoto complex; Loulo-Gounkoto’s current projects, including the
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