Barrick’s Loulo-Gounkoto’s third underground mine on track to start production

The third underground mine at Barrick Gold Corporation’s giant Loulo-Gounkoto gold complex, in Mali, has reached its first mining level and is scheduled to start delivering ore to the plant during the current quarter, president and CE Mark Bristow says.

A pre-feasibility study has started on two more mines on the Loulo permit – an underground operation at Loulo 3 and a large open-pit mine at Yalea South.

These, Bristow says, will add mining sources and improve feed flexibility, providing further support for the complex’s ten-year plan.

Meanwhile, exploration programmes designed to replace depleted reserves are continuing to deliver good results, he adds.

The complex produced 193 014 oz of gold in the first quarter of this year and is on track to achieve its full-year production guidance of 640 000 oz to 700 000 oz of gold.

Given its strong performance and the relatively high gold price, the joint venture board paid a combined dividend for the Loulo-Gounkoto complex of $80-million for the first quarter.

Covid-19 testing and care capacities were upgraded during the quarter through the acquisition of new equipment and the complex has been largely unaffected by the third wave of the pandemic, Barrick reports.

Source: Mining Weekly

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