Bought by the Australian junior Mali Lithium from the Canadian giant Barrick, the Malian gold mine, whose reserves seemed exhausted, is preparing to produce again.

It is a highly symbolic sale, announced on August 31, that the Canadian Barrick, the world's second largest gold producer, intends to conclude in Mali. The Morila mine is the deposit that propelled Randgold – which merged with Barrick – into the court of the continent's major gold producers in the early 2000s, under the leadership of its iconic South African founder Mark Bristow, who has since become a key figure in the gold sector.

In twenty years, the site has produced no less than 6.9 million ounces of gold

After this first West African success, Randgold had tested his model as a "mine discoverer and developer" elsewhere in Mali, then in Côte d'Ivoire, Ghana, Senegal and the DRC, before marrying Barrick. After the merger, which was finalized in January 2019, Mark Bristow became general manager of the new hitch.

Change of specialty for Mali Lithium

Since 2000, when it began operations, the Morila extractive site, located some 280 km southeast of Bamako, has produced no less than 6.9 million ounces of gold, earning it the nickname "Morila Gorilla" in mining circles.

Postponed several times, the definitive closure of the site – which in 2015 became a processing center for residual ores stocks – was announced for 2021. But the resale to Australian junior Mali Lithium, which holds adjacent mining permits, could further extend the duration of the operation. Indeed, the buyer intends to extract another 1.3 million ounces from the main Morila deposit and its satellites.

Gold will become our core business

Listed on the Sidney Stock Exchange (ASX) and initially focused on lithium exploration – and holder of the Goulamina permit, acquired in 2016 – this small company intends to change its preferred ore.

"Gold will become our core business. We do not exclude the establishment of a partnership [for the exploitation of lithium] in Goulamina, or even a sale [of this permit]," explains Alistair Cowden, the CEO of the Perth-based company, interviewed by Jeune Afrique Business +. Mali Lithium already holds gold permits for the Massigui and Dankassa extractive projects, located in the same region as Morila.

"We will raise money for a cash settlement," said the boss of Mali Lithium, who said that this use of the markets will allow his company, in addition to the acquisition – estimated at about $ 25 million – to cover the investments necessary for the redeployment of Morila.

Barrick continues his journey in the sub-region

For his part, Barrick intends to continue his journey in Mali, despite the coup that overthrew President Ibrahim Boubacar Keïta on August 18, which he said had no impact on his gold production in the country.

The Canadian group will focus its efforts on optimizing the exploitation of its Loulo-Gounkoto gold complex, which it describes as a "world-class" deposit, and from which it currently derives some 700,000 ounces of gold each year.

The giant intends to continue its exploration activities in Mali and the sub-region to launch new mining projects of the same ilk, capable of producing more than 500,000 ounces per year.