Barrick Gold On Track to Open Third Mine at Mali Gold Complex

SEATTLE (Scrap Monster): Barrick Gold announced that the third underground mine in the Loulo-Gounkoto gold mine complex in Mali reached its first mining level. The mine will start delivering ore tonnes to the plant during the ongoing quarter.

As per the announcement by Mark Bristow, president and chief executive, Barrick Gold Corporation, it has commenced prefeasibility study on an underground operation at Loulo 3 and a large open pit at Yalea South. This is expected to provide support to the complex’s robust 10-year plan. Also, the exploration programs to replace depleted reserves are progressing well, he added.

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The mine complex had acquired new equipment to upgrade the testing and care capabilities during the quarter. Incidentally, it has been largely unaffected so far by the third wave of the pandemic. At the same time, it has continued to invest in the overall development of the local community. For instance, the Accelerator program, introduced eight months ago, has delivered significant diversion of revenue streams for small suppliers and service providers in the locality.

Loulo-Gounkoto gold mine complex has been a major contributor to the local as well as Malian economy. Its Q1 production totalled 193,014 ounces of gold, in line with the full-year gold production guidance of 640,000 to 700,000 ounces.