📋 Tender Overview
Barrick Gold Corporations Loulo-Gounkoto complex remains on track to meet the upper end of its 2020 guidance in the face of multiple challenges including a military coup in Mali.Barrick president and chief executive Mark Bristow attributed this performance to the companys long-established relationships with partners in Mali and its philosophy of sharing the benefits it creates with its local stakeholders. Over the past 24 years Barrick and its legacy company Randgold Resources have contributed 7.4 billion to the Malian economy in the form of taxes royalties salaries and payments to local suppliers. So far this year Loulo-Gounkoto has spent 275 million with local contractors and suppliers.The development of the complexs third underground mine at Gounkoto is on track to deliver its first ore tonnes in the second quarter of 2021. Meanwhile Barricks first solar power plant has been commissioned and is ramping up to deliver 20MW into the microgrid in line with the companys strategy of transitioning to cleaner forms of energy.The complex has paid dividends totalling 160 million in the year to date with Loulo paying a maiden dividend in the quarter on the back of the mines convention amendment.Barrick has agreed to sell its other operation in Mali Morila to Mali Lithium with the government retaining its 20 stake. Morila was the mine which laid the foundation for Randgolds success producing almost 7 million ounces of gold over its life. Bristow said the transaction created the opportunity for Morilas infrastructure and assets to be redeployed for the benefit of its employees surrounding communities and the country.Weve always had great confidence in Mali and its people hence our continuing commitment to the country. Its gratifying to note that Mali is dealing with its political challenges and has already returned to a civilian-led transitional government. We look forward to being part of its future Bristow said.
