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  • Barrick Gold Corporation’s (ABX) giant Loulo-Gounkoto gold complex’s third underground mine has reached its first mining level
  • The mine is now scheduled to start delivering ore tonnes to the plant during the current quarter
  • The company is also starting a pre-feasibility study on two more mines on the Loulo permit
  • The Loulo-Gounkoto gold complex produced 193,014 ounces of gold in the first quarter of 2021
  • Shares of Barrick Gold are down 0.76 per cent on the day, and trading at $27.25 at 12:33 pm ET

Barrick Gold Corporation’s (ABX) giant Loulo-Gounkoto gold complex’s third underground mine has reached its first mining level.

The mine is now scheduled to start delivering ore tonnes to the plant during the current quarter.

The company is also starting a pre-feasibility study on two more mines on the Loulo permit, an underground operation at Loulo 3 and a large open pit at Yalea South.

These would add mining sources and improve feed flexibility, providing further support for the complex’s 10-year plan.

Barrick also reported that exploration programs designed to replace depleted reserves are continuing to deliver good results.

Overall, the Loulo-Gounkoto gold complex produced 193,014 ounces of gold in the first quarter of 2021 and is on track to achieve its full-year guidance of 640,000 to 700,000 ounces.

"Loulo-Gounkoto remains a pillar of the Malian economy as well as a driver of local economic development. Over the past 24 years, Barrick and its legacy company Randgold Resources have contributed $7.7 billion to the economy, of which $3 billion went to the state in the form of dividends, taxes and royalties. Our long partnership with the country and its people is a testament to how mutually beneficial a relationship of this kind can be," said Barrick Gold Chief Executive Mark Bristow.

Shares of Barrick Gold are down 0.76 per cent on the day, and trading at $27.25 at 12:33 pm ET.

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