The court-appointed administrator of Barrick Mining’s Loulo-Gounkoto complex in Mali has announced plans to sell one tonne of gold from the site’s reserves, as reported by Reuters.
The move will fund operations as the complex resumes activity following a near-six-month halt.
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Operations at the Loulo-Gounkoto complex were suspended in January 2025 after the Malian government seized gold stocks.
The site, which contributed to 15% of Barrick’s gold output, is now under the temporary administration of former health minister Soumana Makadji, who has enlisted Samba Toure, chairman of the state mining company and former executive at Loulo-Gounkoto, to assist with the restart.
Barrick’s CEO Mark Bristow stated: “If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate.”
According to the report, operations at the plant resumed on Monday 7 July for the first time since the suspension.
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By GlobalDataThe decision to sell the gold, valued at $107m, comes amid a two-year dispute between Barrick and Mali’s military-led government over tax and the adoption of a new mining code.
The sale will be one of the first significant actions taken by Makadji since assuming control of the Loulo-Gounkoto complex, Mali’s largest gold mining operation and the third largest in Africa.
Funds from the sale are expected to cover operational expenses, including salaries, fuel and payments to contractors.
Bristow has vowed to use legal means to hold the state accountable for its actions, stating: “We will use every legal measure at our disposal to hold the state and the individuals involved accountable for these unlawful actions to protect our people and to defend our investments.”
In June 2025, Barrick Mining initiated international arbitration to resolve the dispute following the seizure of gold and restrictions on exports and the executives.
