Barrick Gold has suspended production at Loulo-Gounkoto, Mali's largest gold mine, since early 2025. The company decided due to an ongoing dispute with Malian authorities over allegedly unpaid taxes and royalties.
Relations between Mali's government and Barrick Gold, the world's second-largest gold producer, remain strained. Malian authorities have recently closed Barrick's offices in Bamako, further dimming prospects for the Loulo-Gounkoto mine's reopening.
Reuters reports that Barrick's staff cannot access their Bamako offices. The closure reportedly stems from alleged tax non-payment. Neither the Malian government nor Barrick have officially commented on this information.
The Malian government has claimed since 2023 that Barrick owes hundreds of millions in unpaid taxes and royalties. Barrick disputes this claim. Months of negotiations have failed to resolve the crisis. Malian authorities seized 3 tonnes of gold from Loulo-Gounkoto in January 2025. Barrick responded by suspending operations at the site.
Reuters reported in February about a potential agreement between the parties. Under this deal, Barrick was to pay CFA275 billion ($438 million) to the government. In exchange, Mali was to release the firm’s arrested employees and seized gold. However, no official announcement has followed.
The closure of Barrick's offices, if confirmed, suggests ongoing negotiations. The outcome of this complex case remains uncertain.
Loulo-Gounkoto's continued closure has concrete consequences. Barrick has excluded the mine from its 2025 production forecasts. The mine produced over 800,000 ounces in 2024, representing 15% of the Group's attributable production.
The production suspension at Loulo-Gounkoto means a revenue loss of around $550 million for the Malian government, according to Barrick.
This article was initially published in French by Emiliano Tossou
Edited in English by Ange Jason Quenum
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...
Trade deficit down to $758.9 mln in Q2 2025 from $867.3 mln a year earlier. Exports dropped 35.6%, while imports declined 20.5%...
Local firms deliver digital solutions for transport, health, and territorial admin. Systems include biometric licenses, hospital records, and local...
Brice Morlot moves from CFO to head of operations, replacing Lin Espey. Thomas Young shifts from strategy to CFO as company targets 90,000 bpd by...
EBRD, EU, GCF, and Canada plan €65 mln ($77 mln) green loan for Crédit du Maroc. Funds to support clean energy, water treatment, and sustainable...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...