Barrick Regains Control of Major Mali Gold Mine

Mali has taken a decisive step toward restoring confidence in its mining sector by returning control of the Loulo-Gounkoto gold complex to Barrick Mining Corp., bringing an end to a protracted dispute that disrupted one of the country’s most important mining operations. The agreement also includes the restitution of approximately three tons of gold that were confiscated earlier in the year, signaling a renewed willingness by both parties to cooperate after nearly two years of legal and operational uncertainty.

The Loulo-Gounkoto complex, which represents a cornerstone of Barrick’s global gold portfolio and a major source of revenue for Mali, was forced into suspension following escalating disagreements between the company and the Malian authorities. During this period, gold stockpiles were seized, legal actions were initiated, and operations at the site were significantly curtailed. The recent settlement formally concludes these legal proceedings and clears the path for the gradual resumption of mining activities, subject to regulatory and operational readiness.

As part of the resolution, Barrick agreed to pay a settlement totaling 244 billion CFA francs, equivalent to roughly 437 million US dollars. In exchange, the company will regain operational control of the mine, recover the seized gold, and withdraw its international arbitration claims against the Malian state. On its side, the government has committed to dropping all charges against Barrick and facilitating a stable framework for future operations. The release of four Barrick employees who had been detained during the dispute, which took place last month, further underscored the de-escalation of tensions and helped pave the way for the final agreement.

This development has broader implications for Mali and the wider African mining landscape. The resolution sends a signal to international investors that disputes, even complex and politically sensitive ones, can be resolved through negotiation and compromise. For Mali, the reopening of Loulo-Gounkoto could help stabilize gold production, strengthen fiscal revenues, and support employment in mining regions. More broadly, the agreement may encourage other African governments and mining companies to pursue structured dialogue over prolonged legal battles, contributing to a more predictable investment climate across the continent’s extractive industries.

Mini-Glossary

• Arbitration claims: Legal actions brought before an international tribunal to resolve disputes outside national courts.
• CFA franc: A regional currency used by several West and Central African countries, pegged to the euro.
• Gold complex: A group of interconnected mining operations and processing facilities within the same region.
• Restitution: The act of returning property or assets that were previously seized or withheld.
• Settlement: A negotiated agreement that resolves a dispute without further legal action.

Editor: Vural Burç ÇAKIR