Barrick to boost Mali exploration amid rule changes

Media reports suggested earlier this year that the regime was planning to take over Barrick’s massive Loulo-Gounkoto complex, one of the world’s largest gold mines.

Bristow noted that the current economic and political situation in Mali has prompted many exploration companies to scale back or suspend operations in the country, but he did not comment on media speculation.

The Barrick boss said the flight of exploration companies could negatively impact gold production in the country in the future.

Mali’s regulatory environment recently underwent a significant overhaul, culminating in the adoption last week of the Decree Implementing the 2023 Mining Code. The improved set of rules is expected to provide a stable framework necessary for investment in the mining sector.

This is Bristow’s third visit to Mali since late January, highlighting the contribution Barrick’s mines make to the country’s economy. This includes nearly $10 billion in taxes, royalties, salaries and payments to local suppliers, accounting for between 5% and 10% of the country’s GDP, the company said.

The gold giant said its contribution to Mali’s economy was more than $1 billion last year alone.

“We continue to work constructively to resolve our differences globally and find common ground on the key issue of sharing the economic benefits of our business,” Bristow said in a statement.

“It is worth noting that Barrick has developed a highly successful benefit-sharing partnership for our operations in Tanzania, which later served as a model for the reopened Porgera mine in Papua New Guinea,” Bristow added.

The Loulo-Gounkoto complex currently has proven and probable gold reserves of 6.7 million ounces and measured and indicated gold resources totaling 9.1 million ounces. It has produced 683,000 ounces of gold in 2023 and is on track to meet its production guidance for the current quarter and year.