A Malian court has ordered the return of three tonnes of gold to Canada’s Barrick Mining, ending a months-long dispute that had strained relations between the state and the country’s largest gold producer, judicial and industry sources said.
The gold, valued at about US$400 million, was seized in January from Barrick’s Loulo-Gounkoto mining complex in western Mali amid escalating tensions over the application of the country’s revised mining code and outstanding financial claims.
The restitution follows a settlement reached late last year between the Malian authorities and Barrick Mining, under which the company agreed to clear disputed payments to the state, according to sources familiar with the deal.
As part of the agreement, legal proceedings against Barrick executives were dropped and the group abandoned international arbitration actions launched against Mali, the sources said.
The dispute had become a key test of Mali’s new mining code, introduced to increase the state’s share of extractive revenues and reinforce national control over natural resources.
Gold is central to the Malian economy, accounting for more than 70 percent of exports, and Barrick has long been one of the country’s most important foreign investors.
Operations at the Loulo-Gounkoto complex had been partially disrupted following the seizure, raising concerns among industry players over regulatory risk in the Sahel nation.
Analysts say the court-ordered return of the gold signals an effort by Mali’s authorities to reassure investors that, despite tougher rules, disputes can still be resolved through negotiation.
The resolution is expected to allow Barrick to restore normal production, strengthen state finances through the settlement payments, and help stabilise investor confidence in Mali’s mining sector.
