JOHANNESBURG (miningweekly.com) – Gold mining company Randgold Resources’ Loulo-Gounkoto gold mining complex, in Mali, contributed about 8% of the country’s gross domestic product, demonstrating the importance of the complex to the local economy, Randgold CE Dr Mark Bristow noted on Friday, adding that the mine continued to make strong headway in its drive to increase production and contain costs.

He further stated that, in addition to the mine’s substantial contribution to the Malian treasury in the form of dividends, taxes and royalties, Loulo-Gounkoto's continuing success had also enabled it to provide a range of benefits to local communities, in line with Randgold's commitment to share the value it created with all its stakeholders.

Bristow noted that the gold company was also making a significant contribution to national skills growth in Mali through scholarship programmes, hands-on training and career development, which had resulted in Loulo-Gounkoto being managed and operated by an almost entirely Malian team, with the country's nationals accounting for 94% of the total workforce.

Further, the complex had set up community-led commissions to direct each of its strategic community investment sectors, including potable water provision, education, healthcare and food security. Investment projects were run by the community under guidance from Loulo-Gounkoto's management.
 
To boost the local economy, the complex would also fund a microfinance provider to help finance small business initiatives, particularly those started by women in the community, Randgold stated.

“As the two key stakeholders in this complex, the government of Mali and the management of Loulo-Gounkoto, have a joint responsibility to ensure that it continues to generate substantial benefits for its communities and the country, not just for today but [also] for future generations," Bristow commented.

“One of the issues we still have to address together is the challenge of illegal mining, which impacts on Loulo-Gounkoto's capacity to deliver these benefits and, even worse, is threatening the integrity of Mali's vitally important national assets, damaging the environment and exploiting sectors of the community,” he added.