Mali Returns Seized Gold to Barrick After Settlement Deal

Mali has taken a decisive step toward resolving its long running dispute with Barrick Mining after a court ordered the return of 3 metric tons of gold seized from the Loulo Gounkoto mining complex. The decision follows months of negotiations linked to the implementation of Mali’s revised mining code and signals a clear de escalation in tensions between the state and one of the country’s most important foreign investors.

The gold, which was seized in January last year and stored in bank vaults in the capital Bamako, is estimated to be worth around 400 million dollars. Under the court ruling, Barrick will be responsible for arranging the transport of the bullion. The seizure had been a central flashpoint in the dispute, which escalated after disagreements over the application of the new mining code and fiscal terms introduced by the Malian government.

As the conflict deepened, Barrick suspended operations at Loulo Gounkoto in January, citing operational uncertainty and legal challenges. In June, a court appointed provisional administrator assumed control of the complex, further straining relations. The standoff also had human consequences, with four Barrick employees detained from November 2024 before being released last month as negotiations progressed.

The breakthrough came after Barrick agreed to a settlement valued at approximately 430 million dollars, clearing the way for a broader resolution. As part of the deal, Barrick dropped its international arbitration case against Mali, removing a significant legal overhang. Control of the Loulo Gounkoto mining complex is now expected to return fully to Barrick next week, restoring the company’s operational authority at one of its flagship African assets.

From a wider perspective, the return of the seized gold and the settlement agreement could have important implications for Mali’s mining industry and public finances. Loulo Gounkoto is a cornerstone of Mali’s gold sector, and the resumption of stable operations may help restore investor confidence at a time when the country is seeking to maximise revenues under its new mining framework. More broadly, the episode highlights the delicate balance African governments face between enforcing revised mining codes and maintaining a predictable investment climate, with the outcome in Mali suggesting that negotiated settlements can provide a pathway toward stability and continued sector development.

Mini-Glossary

• Mining code: The legal framework that governs mineral exploration, production, taxation, and state participation.
• Provisional administrator: A court appointed manager temporarily placed in control of a company or asset during a legal dispute.
• International arbitration: A legal process used to resolve disputes between companies and states outside domestic courts.
• Bullion: Gold or silver in bulk form, typically stored in bars or ingots.
• Settlement agreement: A negotiated resolution between parties to end a legal or commercial dispute.

Editor: Vural Burç ÇAKIR