Barrick's Loulo-Gounkoto mine, which supplied 15% of its gold in 2024, has been shut down since January 2025 due to a long-standing dispute with Mali's government. The company is racing to resolve the issue, which began in 2023.

Barrick Gold's decision to halt operations at its Loulo-Gounkoto mine in Mali last January may cost the company its title as the world's second-largest gold producer in 2025, potentially handing it over to rival Agnico Eagle.

In 2024, Loulo-Gounkoto was not included in Barrick's production forecasts, which predict between 3.15 and 3.5 million ounces of gold for 2025. This is down from 3.9 million ounces in 2024. Meanwhile, Agnico Eagle is targeting production of between 3.3 and 3.5 million ounces in 2025, similar to its 2024 output of 3.5 million ounces. This suggests that Agnico Eagle's performance will remain stable, while Barrick risks losing its lead. In 2023, Barrick and Agnico produced 4.05 million and 3.4 million ounces of gold, respectively.

Barrick’s projection for 2025 depends heavily on the outcome of the dispute between the firm and the Malian government. If an agreement is reached, Barrick might revise its 2025 forecasts upward, incorporating Loulo-Gounkoto's contribution.

Last February, Reuters reported that Barrick had signed and submitted an agreement to the Malian government for approval. Recently, a Barrick official stated that the company is still waiting for the government to finalize the deal, though no timeline was given.

The Malian government wants to apply its new 2023 mining code to Loulo-Gounkoto, which could reduce Barrick's stake in the project. According to Barrick CEO Mark Bristow, the company would have paid $550 million to the Malian Treasury in 2025 if operations hadn't been suspended.

Aurel Sèdjro Houenou (intern)