Barrick Gold’s Loulo-Gounkoto Surpasses 2019 Guidance

Gold sector major Barrick Gold (TSX:ABX,NYSE:GOLD) has announced its Loulo-Gounkoto complex in Mali, has surpassed its 2019 guidance producing 714,802 ounces of gold.

As quoted from the press release:

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 record 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.

Click here to read the full announcement