The Loulo gold mine, located 350 km west of Bamako, has produced several million ounces since its start in 2005. The mine is part of the Loulo-Gounkoto gold complex, which is currently at the center of an uncertain dispute between Barrick Gold (80% interest) and the Malian government (20%).

Barrick Gold Corp. (formerly Barrick Mining) faced a setback on October 29 when the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) rejected its request for an urgent review in its ongoing dispute with the Malian government.

Barrick had sought a swift ruling from the tribunal regarding the detention of four of its employees and the Malian court’s appointment of a temporary administrator to manage the critical Loulo-Gounkoto gold complex.

The legal battle marks a sour ending to a two-decade relationship that began when then-Malian President General Amadou Toumani Touré officially inaugurated Loulo, the first gold mine for Randgold Resources in Mali

The legal battle marks a sour ending to a two-decade relationship that began when then-Malian President General Amadou Toumani Touré officially inaugurated Loulo, the first gold mine for Randgold Resources in Mali. The mine, acquired by Barrick in 2018, is closely linked to Mark Bristow, the former head of Randgold who engineered the Barrick merger.

The future of the key asset will now be decided without Bristow, the South African executive who departed the group's leadership in late September 2025, making Barrick’s future with the project more uncertain than ever.

From Discovery to Production Milestone

The gold potential at Loulo was first identified in 1981. After Randgold took over the project in 1996, the company's regional exploration led to the 1997 discovery of Yalea, the second major deposit of the future complex.

A 2003 feasibility study cleared the way for the construction of an open-pit mine in 2004. Loulo poured its first gold bar in September 2005 and was officially inaugurated on November 12 by General Touré. Randgold's initial $89 million investment was quickly recovered, as the mine was profitable from the first month and benefited from a five-year tax exemption and a three-year customs exemption.

Randgold's initial $89 million investment was quickly recovered, as the mine was profitable from the first month and benefited from a five-year tax exemption and a three-year customs exemption.

To capitalize on the tax holiday, Randgold accelerated the development of Loulo's resources, which were estimated at 9.9 million ounces at the end of 2005. The mine produced 67,984 ounces in the few months of operation that year, generating $30.7 million in revenue. Development continued with the launch of the underground project in 2006, leading to the first underground production at Gara in 2011.

Between 2006 and 2010, the mine delivered 1.43 million ounces, with annual production fluctuating between 242,000 and 352,000 ounces. In 2011, the start of production at the nearby Gounkoto site pushed the Loulo-Gounkoto complex's output to 346,000 ounces. The two sites together surpassed the half-million-ounce mark in 2012 with 503,000 ounces produced, solidifying the birth of the Loulo-Gounkoto gold complex. According to Barrick, the complex has generated nearly $10 billion in economic contribution to Mali, representing 5% to 10% of the country’s GDP over the last decade.

End of the Barrick Era?

Ironically, another military leader, General Assimi Goïta, may close the Randgold-Barrick chapter at Loulo. Bristow, the symbolic link between the two companies, spent several months locked in a public dispute with the Malian President over the distribution of mine revenues. Tensions have escalated since the 2023 mining sector audit and the adoption of a new mining code the same year, culminating in the suspension of operations in January 2025 and Barrick's filing with the ICSID.

Ironically, another military leader, General Assimi Goïta, may close the Randgold-Barrick chapter at Loulo. Bristow, the symbolic link between the two companies, spent several months locked in a public dispute with the Malian President over the distribution of mine revenues

The handling of the dispute ultimately cost Bristow his position. Sources reported by Reuters indicated the probable loss of Loulo-Gounkoto was the "final straw" that led Barrick's board to remove the South African executive. In June 2025, the Malian court placed the complex under provisional administration, appointing former minister Soumana Makadji to manage the site.

With the Loulo exploitation permit, one of the complex's two deposits, set to expire in February 2026, the future of the project remains uncertain. The complex delivered 723,000 ounces in 2024.

The long-term mine plan projects Loulo-Gounkoto will still yield 66.9 million tonnes of ore at 3.87 g/t through 2037, equating to roughly 7.5 million recoverable ounces with an average recovery rate of 89.5%. The complex is expected to maintain production above 500,000 ounces annually until 2032, despite the anticipated depletion of the Gounkoto underground mine around 2030.

Between Bamako’s push for greater control over its mineral wealth and Barrick’s ongoing legal battle, the coming months will determine who ultimately manages the Loulo-Gounkoto venture. Barrick officially retains an 80% interest in the complex, versus 20% held by Mali. Gold production at the site resumed in October 2025.

Emiliano Tossou