Barrick Mining has signed an agreement with the Government of the Republic of Mali to resolve all disputes related to the Loulo and Gounkoto mines, marking a significant development in the Barrick-Mali mining dispute resolution.
Under the agreement, all charges against Barrick, its affiliates and its employees will be dropped, and legal steps for the release of four detained Barrick employees will be initiated.
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The provisional administration of the Loulo-Gounkoto complex will be terminated, and operational control of the mine complex will be returned to Barrick under the agreement.
This settlement is expected to allow both parties to move forward constructively.
As part of the deal, Barrick’s subsidiaries will withdraw their arbitration claims currently pending before the International Centre for Settlement of Investment Disputes.
Two individuals familiar with the matter told Reuters that Mali has agreed to extend Barrick’s mine permit for an additional ten years, while Barrick has agreed to sign the 2023 mining code.
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By GlobalDataIn a video interview distributed by the government, Barrick director of West Africa Mamadou Samake was quoted by the news agency as saying: “Barrick is aiming to restart operations by 1 January 2026.”
Mali’s Mining Ministry confirmed in a statement that Barrick will soon be allowed to resume normal operations at the Loulo-Gounkoto complex.
The dispute arose from the implementation of Mali’s new mining code, which seeks to increase the country’s share of revenue from gold miners amid record-high gold prices.
The standoff lasted two years and included the military-led government’s seizure earlier this year of three tonnes of gold from Barrick’s mine, as well as the appointment of a provisional administrator for the mine.
As a result, Barrick wrote off $1bn in revenue from the Loulo-Gounkoto mine and announced the departure of its former CEO Mark Bristow.
Following the resolution, Barrick shares rose 8.5% to close at an all-time high of C$55.93 in Toronto.
The renewed agreement follows a new round of talks initiated after Barrick’s interim CEO, Mark Hill, sent a letter to the government seeking a settlement, according to a source cited by Reuters.
