Barrick Nears Deal to Regain Control of Key Mali Gold Mine
Barrick Mining Corp. is in advanced negotiations with Mali’s government to resolve a two-year dispute that closed its massive Loulo-Gounkoto gold mine and resulted in employee detentions, according to sources familiar with the matter.
Key Developments
- Barrick representatives met with Malian authorities on Friday to finalize deal terms
- Parties are close to reaching an agreement that would end the prolonged dispute
- The resolution would see Barrick regain control of the mine and secure employee release
Dispute Background
The conflict between the Canadian mining giant and Mali’s military leadership centered on a new mining code and government claims for millions in alleged back taxes. Under the proposed settlement, Barrick would accept the mining code while regaining operational control.
The company shuttered the mining complex in January after Mali blocked exports, seized gold, and detained senior staff. Operations resumed under state management in September, following a government takeover in June.
Production Impact
Loulo-Gounkoto remains one of Barrick’s most critical assets, having produced 723,000 ounces of gold in 2024. The mine’s temporary seizure prevented the company from fully benefiting from this year’s record-breaking gold price rally.
Neither Barrick nor Malian government officials immediately responded to requests for comment on the ongoing negotiations.
