Canadian mining giant Barrick has reached a landmark agreement with the Malian government, ending a protracted dispute over the Loulo-Gounkoto gold mining complex.
In a Monday press release, Barrick confirmed it would withdraw its arbitration case at the World Bank dispute tribunal. In return, Malian authorities have agreed to drop all charges against the company and its affiliates, release four detained employees, and restore operational control of the Loulo-Gounkoto site to Barrick.
The dispute originated after Mali introduced a new mining code in 2023 aimed at increasing state revenue from natural resources and asserting greater sovereignty over mining operations. Barrick initially resisted the code, prompting legal and administrative actions by the Malian government. In June, a local court placed the Loulo-Gounkoto complex under provisional administration, a measure now set to be lifted.
According to Bloomberg, Barrick is expected to pay 144 billion CFA francs within six days of signing the agreement, with an additional 50 billion CFA francs covered via VAT-credit offsets. A previous installment of the same amount was paid last year, bringing the total settlement to roughly 244 billion CFA francs ($430 million). Official financial details of the settlement, however, have not been disclosed by either party.
This resolution marks a significant step for Barrick, one of the world’s leading gold producers, restoring stability to its operations in Mali and paving the way for continued investment in the country’s mining sector.
