Canadian miner Barrick Mining has officially resumed operational control of its gold mine in Mali, according to an internal company memo.
Operations will restart gradually, with an initial focus on mandatory training for employees and contractors, the memo said. It was signed by Sebastiaan Bock, Barrick’s director of operations for Africa and the Middle East.
The move follows an agreement reached last month between Barrick and Malian authorities to end a two-year dispute over the implementation of a new mining code introduced by the military-led government.
The disagreement had prompted Barrick to suspend operations at its gold complex in January, after which a court-appointed provisional administrator took control in June.
Barrick agreed to a settlement valued at about US$430 million, a source familiar with the matter said.
Last week, a Malian judge ordered the return of roughly three metric tonnes of gold seized from the company nearly a year ago, according to two people with knowledge of the decision. The gold, valued at about $400 million, was confiscated in January by military helicopter following a court order and has since been held at the BMS bank in Bamako, the sources said.
Barrick, which counts activist investor Elliott Capital among its shareholders, has said it plans to sharpen its focus on North American operations, including a possible IPO, under interim chief executive Mark Hill.
Shares in Barrick were up about one percent in afternoon trading on the Toronto Stock Exchange.
Background to Barrick’s operation in Mali
Mali is one of Africa’s leading gold producers, with mining accounting for around a quarter of government revenues and more than 80 percent of export earnings. The sector is dominated by foreign firms, including Barrick Mining, which operates one of the country’s largest gold complexes.
Following two military coups in 2020 and 2021, Mali has been ruled by a junta that has sought to assert greater control over strategic resources, particularly gold. In 2023, the authorities introduced a revised mining code aimed at increasing state revenues, strengthening local ownership and tightening oversight of foreign operators.
Key changes under the new code included higher royalties, increased state equity stakes in mining projects and stricter compliance requirements. The government argued the reforms were necessary to ensure Mali benefited more from rising global gold prices.
Several mining companies raised concerns over the new framework, warning that retroactive application of the rules would undermine legal stability and deter investment. Barrick’s dispute with the Malian state centred on the interpretation and implementation of the revised code, as well as tax and ownership terms.
Tensions escalated earlier this year when Barrick suspended operations at its mine, citing an inability to operate under the new conditions. Malian courts subsequently appointed a provisional administrator to take control of the site, marking one of the most serious confrontations between the junta and a foreign mining firm.
The seizure of Barrick’s gold in January, ordered by a Malian judge and executed by military helicopter, sent shockwaves through the mining industry and raised concerns among investors about resource nationalism and judicial risk in the West African country.
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The eventual settlement, which includes a payment estimated at about $430 million, reflects the junta’s push to renegotiate terms with major operators while avoiding prolonged shutdowns that could damage state revenues.
Mali’s approach mirrors a broader trend across parts of West Africa, where governments in countries such as Burkina Faso and Niger have moved to revise mining and energy contracts in the name of economic sovereignty.
For Barrick, the dispute comes as the company seeks to rebalance its global portfolio and prioritise politically stable jurisdictions, particularly in North America, under interim chief executive Mark Hill.
