The Government of Mali has extended the gold mining permit for Barrick Mining’s Loulo project by ten years, as announced by the West African nation’s military leader, reported Reuters.
The decision comes after the resolution of a long-standing dispute between Mali and Barrick concerning profit-sharing and control of the Loulo-Gounkoto gold mining complex.
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This disagreement was triggered by Mali’s 2023 mining code, which introduced higher taxes and increased the state’s share in mining projects.
Barrick has agreed to withdraw its arbitration case filed with the World Bank’s dispute tribunal, under the agreement terms.
Concurrently, Mali has pledged to drop all legal charges against the Canadian mining company and its subsidiaries, release detained employees and restore full operational control of the complex to Barrick.
As part of the permit renewal, Barrick concluded a new feasibility study indicating economically viable reserves that support six years of open-pit mining and 16 years of underground operations.
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By GlobalDataProjected annual gold production is estimated at 420,920oz.
The Loulo-Gounkoto complex, located in western Mali, generated nearly $900m (C$1.23bn) in revenue in 2024, making it Mali’s largest gold producer and a significant contributor to Barrick’s financial performance.
In November 2025, Barrick completed the sale of the Hemlo Gold Mine in Canada to Carcetti Capital, which renamed the asset Hemlo Mining Corporation (HMC).
The transaction, valued at up to $1.09bn, included $875m in cash and $50m in HMC shares payable at closing, plus up to $165m in additional payments tied to production levels and gold prices, starting in January 2027 and spread over five years.
The deal’s completion follows an agreement reached in September 2025.
