Media experiences advised earlier this yr the regime was planning to grab Barrick’s huge Loulo-Gounkoto complicated, one of many world’s largest gold-producing mines.
Bristow famous the present financial and political local weather in Mali has prompted many exploration firms to cut back or halt their operations within the nation, however didn’t touch upon media hypothesis.
What Barrick’s boss did say is that the exodus of exploration firms may negatively have an effect on the nation’s gold manufacturing sooner or later.
Mali’s regulatory surroundings has not too long ago undergone a major evaluate, leading to a brand new Mining Code in 2023, which got here into impact final week. The improved algorithm is predicted to offer a secure framework important for investments within the mining sector.
That is the third time Bristow has visited Mali since late January, emphasizing the contributions made by Barrick’s mines to nation’s financial system. These embrace almost $10 billion in taxes, royalties, salaries, and funds to native suppliers, constituting 5% to 10% of the nation’s GDP, the corporate mentioned.
The gold large mentioned that, previously yr alone, it has contributed greater than a $1 billion to the Malian financial system.
“We proceed to work constructively in direction of a worldwide decision of our variations and discovering widespread floor on the important thing problem of sharing the financial advantages of our operations,” Bristow mentioned within the assertion.
“It’s value noting that Barrick developed a extremely profitable benefit-sharing partnership for our Tanzanian operations which has since additionally been used as a mannequin for the reopened Porgera mine in Papua New Guinea,” Bristow added.
The Loulo-Gounkoto complicated presently holds confirmed and possible gold reserves estimated at 6.7 million ounces, with measured and indicated gold assets totalling 9.1 million ounces. It produced 683,000 ounces of gold in 2023 and is on observe to satisfy its manufacturing steering for the present quarter and the yr.