Barrick Gold is considering putting its suspended Loulo-Gounkoto mine in Mali on care and maintenance due to the ongoing dispute with authorities over seized gold and the detention of four employees. CEO Mark Bristow said the company is actively engaged in talks with the Malian administration to secure the release of its employees and find a sustainable solution to restart the mine. However, if negotiations fail, Barrick may be forced to put the operation on care and maintenance, costing around $10 million per month.
Barrick Gold is considering care and maintenance for its suspended Loulo-Gounkoto mine in Mali where its gold stockpiles have been seized and four employees remain under detention, CEO Mark Bristow said on Wednesday.
“It would not be a good thing to lose Loulo, not for anyone’s sake, and particularly not for Mali’s,” the CEO said. “But equally for us, we are longstanding partners in Mali. Every one of our operations are independently viable, and Barrick’s balance sheet is very solid and and so with or without, Loulo will not change our long term plan, our five-year plan.”
“We are targeting 30% growth on a gold-equivalent oz. basis towards the end of the decade, built on our current reserves,” Bristow said. “We will continue to replace and add to those reserves and resources for further supporting our growth. What’s more, we have the balance sheet strength to fund our growth.”
The company announced plans for a new $1 billion share repurchase program over the next 12 months. Under its 2024 buyback program, Barrick repurchased $498 million worth of common shares.Bristow mentioned how he’s transformed several operations, including the $7 billion Reko Diq copper development in Pakistan that now allocates half of its earnings to federal and local governments.
Mining BARRICK GOLD LOULO-GOUNKOTO MINE MALI GOLD SEIZURE EMPLOYEE DETENTION CARE AND MAINTENANCE INTERNATIONAL ARBITRATION MINING DISPUTES
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