News Industry

Mali Plans Barrick Gold Sale to Fund Loulo-Gounkoto Restart

Mali Plans Barrick Gold Sale to Fund Loulo-Gounkoto Restart
Wednesday, 09 July 2025 08:13

• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold
• Barrick halted operations in January over export blocks; legal disputes are ongoing
• Reopening timeline unclear; Barrick contests Mali’s actions at ICSID

Soumana Makadji, the provisional administrator of Mali's Loulo-Gounkoto gold mine, is continuing negotiations to restart operations at the site, which remains owned by Barrick Mining. According to a July 8 report by Reuters, the former Malian Minister of Health reportedly plans to sell one ton of gold currently stored at the mine to fund the resumption of production.

Mali’s largest gold mine has been shut down since January 2025. Barrick decided to suspend operations in protest over blocked exports and the Malian government's seizure of several tonnes of gold. While Barrick is pursuing its claims before an international arbitration tribunal, Bamako initiated legal proceedings months ago to obtain the mine’s reopening.

That request was granted in June by a judge, who appointed Makadji as provisional administrator. The former minister is also said to have reached out to a former insider, Samba Touré, to assist in restarting activities. Touré currently heads the state-owned mining company SOREM and previously worked for Randgold, which merged with Barrick in 2018. His past roles included operations director for West Africa.

Uncertainties Surround Mine Reopening

The closure of Loulo-Gounkoto forced some of Barrick’s subcontractors to lay off workers. However, it remains unclear to what extent the reopening will allow companies to get back on track. No information is currently available regarding which subcontractors will work with the new management or when production might resume.

Although Loulo-Gounkoto achieved a record output of 723,000 ounces in 2024, its future performance is difficult to predict. In Zambia, a similar dispute between the state and mining company Vedanta led to the Konkola Copper Mines complex being placed under provisional administration by the courts. Copper production there subsequently declined due to a lack of investment.

While awaiting the reopening of Loulo-Gounkoto, these developments continue to be contested by Barrick. The Canadian company has filed a request for provisional measures with the International Centre for Settlement of Investment Disputes (ICSID). Barrick states it remains open to dialogue with local authorities, who accuse it of failing to pay hundreds of millions of dollars in taxes and royalties. Barrick continues to deny these allegations.

Emiliano Tossou

On the same topic
• Ghana has approved the commercial viability of the Akoma-1X gas well in the Cape Three Points offshore block• The move comes as gas demand rises, with...
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.