Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Barrick Gold’s Loulu-Gounkoto mine exceeds targets, producing 714,802 oz of gold in 2019
  • Mine a “consistent performer” among Barrick portfolio
  • Both parties makes progress over “tax and related issues”.
  • Shares were up CAD$0.10 (0.411%) and trading at CAD$24.43

Barrick Gold’s Loulu-Gounkoto project in has exceeded last year’s guidance targets, with CEO Mark Bristow pointing to exploration work for the better than expected results.

The company reports 714,802 ounces of gold was produced in 2019.

Barstow said the mine was a consistent performer and was able to replace its depleted reserves through exploration efforts and resource conversions. 

“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.

He also said the company continues to support local businesses and contribute to the Malian economy, describing it as a “cardinal principal” of Barrick’s mining operations. 

“Over the past 23 years, Barrick and its legacy company Randgold Resources have contributed US$7.2 billion (CAD$9.5 billion) to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers,” he said.

Bristow said the CSR measures were the result of a “long and constructive partnership” between the company and Malian government in which both parties have made progress over “tax and related issues”.

“(In) the same period, our mines in Mali paid US$2.7 billion (CAD$3.5 billion) in dividends, taxes and royalties to the state – almost three times the US$1 billion dividend received by Barrick,”

“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.”

At the time Barrick Gold shares were up CAD$0.10 (0.411%) and trading at CAD$24.43. It has a market capitalization of CAD$43 billion.

More From The Market Herald

" Grizzly (TSXV:GZD) to advance 2022 drilling for BC precious & battery metals projects

Grizzly Discoveries (GZD) is reviewing proposals for core drilling during the 2022 exploration season.

" ArcPacific (TSXV:ACP) locates lost gold-copper mine on LMSL Project

ArcPacific Resources Corp. (ACP) has discovered an early 1900s era gold-copper mine at its LMSL Project in British Columbia.

" CanAlaska Uranium (TSXV:CVV) begins airborne survey at Geikie Project

CanAlaska Uranium (CVV) has begun a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Geikie project.

" Osisko Development (TSXV:ODV) releases San Antonio Property mineral resource estimate

Osisko Development Corp. (ODV) has released an initial open pit resource estimate at its San Antonio Project in Sonora State, Mexico.