Canadian mining giant Barrick says it has reached a deal to end a long-standing dispute with the Malian government over the Loulo-Gounkoto gold mining complex.
Under the agreement, Barrick will drop its arbitration case at the World Bank dispute tribunal, while Malian authorities have agreed to drop all charges against the company and its affiliates, release four jailed employees, and return operational control of the Loulo-Gounkoto site to the Canadian firm.
Barrick, one of the world’s largest gold producers, entered the dispute after Mali introduced a new mining code in 2023 aimed at increasing state revenues and asserting greater control over its natural resources. The company initially resisted implementing the new rules, prompting government action.
The crisis escalated over the past two years, culminating in June when a Malian court placed the Loulo-Gounkoto complex under provisional administration, a measure now set to be lifted.
There were media reports that Barrick will pay CFA144 billion within six days of signing the agreement, with another CFA50 billion CFA francs via VAT credit offsets and a similar installment already paid last year, bringing the total settlement to CFA 244 billion (US$430 million). Neither Barrick nor the Malian government has officially confirmed the financial terms.
The resolution restores stability to one of Mali’s largest gold operations, which has been a key source of revenue for the West African nation.
