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Barrick ramps up new underground gold mine at Loulo-Gounkoto

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(Kitco News) - Speaking at a media briefing yesterday, Barrick president and chief executive Mark Bristow said that the company's  Loulo-Gounkoto gold mine in Mali was on track to meet its annual production guidance, with its new underground mine at Gounkoto ramping up production.

Importantly, Bristow pointed out that through successful exploration, Loulo-Gounkoto is on track to increase mineral reserves net of depletion for the third successive year and promising results from the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential for further life-of-mine extensions.

"The Loulo-Gounkoto gold complex is set to remain a major contributor to the Malian economy well into the future as it continues to replace the ore depleted by mining," Bristow noted.

He added, "Loulo-Gounkoto is one of the world's greatest gold mining operations and it continues to confirm its status as a member of the industry's elite Tier One1 club as well as the largest private sector contributor to Mali's GDP."

In a statement, Barrick said that Loulo-Gounkoto is maintaining its commitment to the employment and advancement of host country nationals, in line with Barrick's global policy, and people from the nearby Kenieba village have been successfully trained to operate key equipment at the new Gounkoto underground mine.

The complex is almost entirely staffed and managed by Malian citizens, the company added.

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