Mining major Barrick Gold is actively pursuing an expansion of its exploration activities in Mali to bolster the long-term sustainability of its Loulo-Gounkoto operation
CEO Mark Bristow has initiated discussions with Mali’s National Directorate of Geology and Mines to broaden its exploration footprint.
He cautions that the current economic and political climate in Mali had caused exploration companies to curtail or suspend their operations in the country, which would impact gold production in the long run.
Mali's regulatory landscape underwent significant review, culminating in the recent adoption of the Implementation Decree of the 2023 Mining Code. This decree, set for imminent publication in the Gazette, establishes a stable framework crucial for mining sector investments.
Bristow emphasises that Barrick is committed to resolve differences constructively, particularly in equitable economic benefit sharing.
“It’s worth noting that Barrick developed a highly successful benefit-sharing partnership for our Tanzanian operations which has since also been used as a model for the reopened Porgera mine in Papua New Guinea,” he says.
Phil Russo, CEO of Australian firm Toubani, welcomed the regulatory developments, citing optimism about the 2023 Mining Code's finalisation and its implications for regulatory stability.
“We are encouraged by the adoption of the Implementation Decree of the 2023 Mining Code, which is the last step to the finalisation of the new mining legislation and provides a basis for a return to regulatory stability in the country's mining sector,” he says.
Toubani, owner of Mali's Kobada project, anticipates advancing toward an investment decision by 2025.