After months of dispute, Barrick Mining and the Malian government reached an agreement in November to restart the Loulo-Gounkoto gold mine. While tensions have since eased, key issues behind the dispute remain unresolved.

The Malian government announced on Friday, February 13, that it had adopted a decree renewing the operating license for the Loulo mine, part of the Loulo-Gounkoto gold complex, for 10 years. The decision is the latest step toward resolving the dispute between Canadian operator Barrick Mining and Bamako over the asset. However, the decree provides no details on how Mali’s 2023 mining code will apply to the mine.

Uncertainty over a new mining convention

The Loulo-Gounkoto complex, Mali’s largest gold mine, comprises the Loulo and Gounkoto sites. The project has been at the center of a prolonged dispute between Barrick Mining and the Malian authorities over the application of the 2023 mining code. Production was disrupted in 2025 before the two parties reached an agreement in November. Since then, tensions have eased, with Barrick reinstating Loulo-Gounkoto in its 2026 production forecasts.

Several steps have followed to formalize the agreement, including the Canadian company’s payment of $253 million in arrears and the release of employees detained in Mali. However, no clear indication has emerged regarding how the 2023 mining code will be applied to the complex. The issue is particularly significant in light of the license renewal, one of the final steps Barrick had identified in the dispute resolution process.

Granted in 1996 for 30 years, the mining license was due to expire this month. The government’s decision extends operations for an additional 10 years. In its statement, it said the renewal was approved “in accordance with the provisions of the Mining Code.” The terms of the renegotiated mining convention applicable to this part of the complex remain undisclosed, although such renegotiation is required under the current mining framework.

“When an operating license expires, the establishment convention signed with the state also becomes void. Renewing the operating license therefore requires renewal of the establishment convention. Such renewals are governed by the mining code in effect at the time. Any renewal of an operating convention is subject to new negotiations,” the Mining Code states in Articles 17 and 218.

Under the new mining regime, the Malian state may hold up to 30% of a mine’s capital, in addition to 5% reserved for local investors. These provisions have already been applied to other major assets, including the Sadiola mine operated by Allied Gold. Under the previous arrangement, the Malian state held 20% of Loulo’s capital, with Barrick owning 80%. The same ownership structure applies to Gounkoto, whose license remains valid until 2042.

Securing a key asset

Despite unresolved issues, Loulo-Gounkoto is entering a recovery phase. After Barrick suspended operations due to the dispute, the mine produced only 36,200 ounces of gold last year, compared with 723,000 ounces in 2024. For 2026, the company expects a gradual restart, targeting output of up to 362,500 ounces.

The developments are significant for Barrick, as the renewal secures a key asset in its portfolio over the longer term. The same applies to Mali, where industrial gold production fell 22.9% in 2025, reflecting the reduced contribution from Loulo-Gounkoto.

How the situation evolves in the coming months remains uncertain, particularly against a backdrop of strong gold prices. Gold rose 64% in 2025. According to Trading Economics, prices are currently up 8% month-on-month.

Aurel Sèdjro Houenou