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Loulo-Gounkoto

The Loulo-Gounkoto complex comprises two distinct mining permits, Loulo and Gounkoto, and is situated in western Mali, bordering Senegal and adjacent to the Falémé River. Société des Mines de Loulo SA (Loulo) owns the Loulo gold mine, and Société des Mines de Gounkoto (Gounkoto) owns the Gounkoto gold mine. Both Loulo and Gounkoto are owned by Barrick (80%), and the State of Mali (20%).

2019 Outlook

Production
520,000 - 570,000
Ounces ? Barrick’s 80% share
Cost of sales
per ounce ? 2019 forecast cost of sales does not include the impact of the Randgold purchase price allocation.

Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo, 36.1% Acacia, 40% South Arturo, 20% Loulo-Gounkoto and 10.3% of Tongon from cost of sales), divided by attributable gold ounces sold. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds sold (including our proportionate share of copper pounds sold from our equity method investments).
$800 - $850
All-in sustaining
costs per ounce ? “All-in sustaining costs” per ounce is a non-GAAP financial performance measure intended to provide additional information only, and does not have any standardized meaning under IFRS. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
$810 - $850

2018 Performance

Gold produced
in 2018 (100% basis)
660,234
Ounces ? Randgold presented the production figures for Loulo-Gounkoto on a 100% basis, although it owned 80%.
Cost of sales
per ounce
$808
Total Cash Costs
per ounce ? Refer to explanation of non-GAAP measures provided and to the reconciliation of non-GAAP measures provided on page 19 of Randgold's Q4 2018 report.
$609

Reserves and Resources

Mineral Resources tabulations as at December 31, 2018, and reported inclusive of that material which is then modified to estimate Ore Reserves.
 
Loulo Proven and probable gold reserves (non-attributable 100% basis) ? Proven reserves of 11 million tonnes grading 4.0 g/t representing 1.4 million ounces of gold. Probable reserves of 23 million tonnes grading 5.0 g/t representing 3.7 million ounces of gold.

Open pit Ore Reserves are reported at a gold price of $1 000/oz and an average cut-off of 1.1g/t and include dilution and ore loss factors. Open pit Ore Reserves were estimated by Shaun Gillespie, an officer of Randgold and Competent Person under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM. Underground Ore Reserves are reported at a gold price of $1 000/oz and a cut-off of 2.6g/t for Yalea underground and 2.5g/t for Gara underground and include dilution and ore loss factors. Underground Ore Reserves were estimated by Andrew Fox, an external consultant and Competent Person under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM.

Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
5.1
Million Ounces
Gounkoto Proven and Probable gold reserves (non-attributable 100% basis) ? Proven reserves of 5.3 million tonnes grading 3.3 g/t representing 0.57 million ounces of gold. Probable reserves of 13 million tonnes grading 4.9 g/t representing 2.0 million ounces of gold.

Open pit Ore Reserves are reported at a gold price of $1 000/oz at an average cut-off of 1.2g/t and include both dilution and ore loss factors. Open pit Ore Reserves were estimated by Shaun Gillespie, an officer of Randgold and Competent Person under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM. Underground Ore Reserves are reported at a gold price of $1 000/oz and a cut-off of 2.8g/t, and include dilution and ore loss factors. Underground Ore Reserves were estimated Patrick McCann, an external consultant and a Competent Person under JORC and Qualified Person under CIM. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
2.6
Million Ounces
Loulo Measured and Indicated gold resources (non-attributable 100% basis) ? Measured resrouces of 18 million tonnes grading 4.9 g/t representing 2.9 million ounces of gold. Indicated resources of 29 million tonnes grading 5.3 g/t representing 5.0 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.7g/t. Underground Mineral Resources are those insitu Mineral Resources of the Yalea and Gara deposits that fall below the design pits and are reported at a cut-off of 2.04g/t for Yalea and 1.89g/t for Gara within minimum mineable shapes. All Loulo Mineral Resources were generated by Sekou Diallo, an officer of Randgold, under the supervision of Simon Bottoms, an officer of Randgold and Competent Person under JORC and Qualified Person under CIM. Mineral Resources numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
7.8
Million Ounces
Gounkoto Measured and Indicated gold resources (non-attributable 100% basis) ? Measured resources of 6.2 million tonnes grading 3.2 g/t representing 0.64 million ounces of gold. Indicated resources of 19 million tonnes grading 4.4 g/t representing 2.7 millino ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.87g/t. Underground Mineral Resources are those insitu Mineral Resources below the $1 500/oz pit shell reported at cut-off of 2.3g/t. All Gounkoto Mineral Resources were generated by Sekou Diallo, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
3.3
Million Ounces
Loulo Inferred gold resources (non-attributable 100% basis) ? Inferred resources of 7 million tonnes grading 4.3 g/t representing 1.0 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.7g/t. Underground Mineral Resources are those insitu Mineral Resources of the Yalea and Gara deposits that fall below the design pits and are reported at a cut-off of 2.04g/t for Yalea and 1.89g/t for Gara within minimum mineable shapes. All Loulo Mineral Resources were generated by Sekou Diallo, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources and Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource and Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
1.0
Million Ounces
Gounkoto Inferred gold resources (non-attributable 100% basis) ? Inferred resources of 4.0 million tonnes grading 3.3 g/t representing 0.42 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.87g/t. Underground Mineral Resources are those insitu Mineral Resources below the $1 500/oz pit shell reported at cut-off of 2.3g/t. All Gounkoto Mineral Resources were generated by Sekou Diallo, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources and Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource and Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
0.42
Million Ounces