Market Herald logo


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

" Hanna Capital (TSXV:HCC) to expand exploration activities in Africa

Hanna Capital Corp. (HCC) announced plans to increase its exploration activities in Africa.
The Market Herald Video

" Phenom Resources (TSXV:PHN) expands the vanadium deposit on its Nevada project

Phenom Resources (PHNM) has announced the final report on shallow vanadium drilling from the 2022 summer program on its Carlin Vanadium Gold Project.
The Market Herald Video

" Green River Gold (CSE:CCR) expands its critical minerals discovery at its Quesnel Nickel project

Green River Gold (CCR) provided assay results and updated drilling results on Zone 2 at the Quesnel Nickel project.

" MacDonald Mines (TSXV:BMK) closes $175K offering

MacDonald Mines Exploration (BMK) has closed its non-brokered private placement offering for proceeds of $175,500.