Barrick (GOLD) to Explore New Discoveries in the Loulo Region
Barrick Gold Corporation's GOLD Loulo-Gounkoto complex in Mali is on track to maintain its position as one of the world's Top 10 gold producers, according to Barrick's president and chief executive, Mark Bristow. Loulo-Gounkoto is on track to meet this year's production guidance while actively replenishing reserves depleted by mining activities.
Barrick Gold has been involved in Mali for 26 years and has collaborated with successive governments and local partners to foster the growth of Mali's mining industry and position it as an attractive global investment destination despite various social and political challenges.
The economic contributions of Barrick Gold to Mali are significant, including nearly $10 billion in the form of taxes, royalties, salaries and payments to local suppliers. A substantial portion, approximately 70%, of the economic benefits generated by the Loulo-Gounkoto complex benefit Mali and its stakeholders. The complex contributed between 5% and 10% to Mali's GDP in the past decade. In 2022, gold production at the Loulo-Gounkoto complex reached 547,000 ounces and Barrick projects production in the range of 510,000-560,000 ounces for 2023.
Barrick stock has lost 0.7% in the past year against the industry’s rise of 16% in the same period.
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Barrick also played a crucial role in developing a mining skills base in the region and the entire management team of the Loulo-Gounkoto complex consists of Malian citizens.
Bristow emphasized that Mali has been the birthplace of Barrick's philosophy of genuine partnerships with host governments. Despite challenges, Barrick has historically been able to find solutions through open and transparent dialogue. This approach has led to mutually acceptable solutions that deliver long-term value for Mali and its people.
Furthermore, Barrick continues to explore growth opportunities in the highly prospective Loulo region. Updated geological models have identified new high-priority targets that hold the potential for significant discoveries, contributing to the ongoing success of the Loulo-Gounkoto complex.
Barrick is committed to Mali and intends to invest in future growth in the region. It looks forward to maintaining a mutually beneficial partnership with the authorities and in-country stakeholders.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
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Barrick currently carries a Zacks Rank #2 (Buy).
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