03:16 PM EDT, 07/09/2024 (MT Newswires) -- Barrick Gold Corporation ( GOLD ) President and Chief executive Mark Bristow on Tuesday spoke about the company continuing to invest in Mali.

Speaking to local media and stakeholders on Tuesday, Bristow cautioned that the current economic and political climate in Mali had caused exploration companies to curtail or suspend their operations in the country which would impact gold production in the long run. "In contrast, Barrick has been engaging with the National Directorate of Geology and Mines (DNGM) to grow our exploration footprint here, securing our ability to deliver real value to Mali and our stakeholders in the country," he said.

According to Bristow, the need to guarantee the long-term viability of the Loulo-Gounkoto gold mining complex was of the utmost importance to ensure the Malian mining industry's sustainability and maintain its substantial contribution to the country's economy.

Bristow noted that over the past 29 years Barrick had invested more than US$10 billion in the Malian economy, with its mines accounting for between 5% and 10% of the country's gross domestic product (GDP) annually. In the past year alone, Barrick has contributed more than a $1 billion to the Malian economy.

The Mali update comes after Midland Exploration Inc. ( MIDLF ) earlier Tuesday announced the start of a drilling campaign on the Patris gold property, currently 100% owned by Midland and located approximately 30 kilometres northeast of the city of Rouyn-Noranda in Quebec.

Pursuant to an option transaction signed with a wholly-owned indirect subsidiary of Barrick Gold ( GOLD ), Barrick has the right to acquire up to a 75% interest in the property in consideration for cash payments totaling C$1,017,500 and exploration work totaling C$16,575,000, over an eight-year period. Barrick is the operator of the work carried out under the transaction.

Barrick will release its Q2 2024 results on Monday, August 12, 2024.

ABX was at last look today up $0.01 at $23.73. MD was up $0.005 at $0.345.

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