(Ecofin Agency) - With 684,000 ounces delivered in 2022, Loulo-Gounkoto is Mali's largest gold mine. In 2021, the mine exploited by Canada's Barrick contributed $732 million to the economy, including $300 million in mining taxes and royalties. 

In 2022, Barrick Gold, which is exploiting the Loulo-Gounkoto gold complex, paid $263 million in mining taxes and royalties to the state. According to the fiscal report published earlier this quarter by the world's second-largest gold producer, this represents a 12.3% drop compared with the $300 million paid in 2021.  

The Canadian company provided no reason for this drop, but the situation may be due to the mine’s performance as mining royalties and certain taxes are based on the production and revenues generated by the mining complex. Year-on-year, production fell by 2% in 2022, to 684,000 ounces while revenue fell from $1.249 billion in 2021 to $1.236 billion, according to the company's annual report seen by Ecofin Agency. 

Dividends paid to the Malian government on its 20% stake in Loulo-Gounkoto also fell, to $35 million in 2022 from $51 million in 2021. However, other factors led to a 22% year-on-year increase in Barrick Gold's overall contribution to the Malian economy. This contribution, which reached $894 million last year, includes not only taxes, royalties, and dividends, but also the salaries of the 2,472 employees and payments to local suppliers.

"We are particularly proud [...] that local suppliers account for 80% of the complex's total purchases. Malian nationals account for 95% of the complex's workforce and are led by a 100% Malian management team," says the company.

Emiliano Tossou