Mining: New gold mine opens in poverty ravaged Mali

Malian President Amadou Toumani Toure, has opened Randgold Resources' new Loulo gold mine, designed to produce an average of more than 200 000 ounces per year.

According to a company statement, the mine has shipped its first commercial consignment of 8710 fine ounces of gold, valued at about $4-million. The aim is for the mine to ship bullion on a weekly basis.

Loulo is owned by Societe des Mines de Loulo SA, in which Randgold Resources has an 80 per cent interest with the balance being held by the state of Mali.

It would be nice to think that the people in this poverty ravaged country will reap the benefit of this venture. However, I wont be holding my breath.