• Barrick forecasts 260,000-290,000 ounces from Mali mine in 2026
• Loulo-Gounkoto returns to guidance after dispute settlement with Mali
• Production recovery gradual, remains below pre-dispute output levels

Canadian miner Barrick Gold expects attributable gold production of between 260,000 and 290,000 ounces in 2026 from its Loulo-Gounkoto mine in Mali, the company said in its financial report published on Feb. 5. The forecast marks the mine’s return to Barrick’s production outlook after it was excluded last year amid a protracted dispute with the Malian government.

Loulo-Gounkoto, Mali’s largest gold mine, has been at the center of a long-running standoff between Barrick and authorities in Bamako. The dispute stemmed from the government’s push to apply the provisions of the 2023 Mining Code to the operation. Tensions escalated in January 2025 when Barrick shut the mine following the seizure of a gold stockpile by the state, prompting the company to remove the asset from its production guidance for the year.

Operations remained suspended until June, when the site was placed under provisional administration at the government’s request in an effort to restart mining. A breakthrough came in November, when the two sides reached a settlement aimed at ending the legal dispute. Under the agreement, Mali dropped all charges against Barrick’s local subsidiaries and returned the seized gold and operational control of the mine to the company.

In return, Barrick agreed to withdraw international arbitration proceedings against Mali and to pay $253 million to the state. The company said the terms of the settlement have been implemented, allowing it to regain operational control of Loulo-Gounkoto on Dec. 18, 2025. Production resumed in the final days of the year.

Including output produced before the shutdown and limited production at year-end, Barrick reported attributable production of 29,000 ounces in 2025, based on its 80% stake. Including the Malian state’s 20% interest, total output amounted to about 36,200 ounces. Although mining activities reportedly resumed during the period of provisional administration, no production from that phase has been recorded so far.

Gradual production recovery

For the current fiscal year, Barrick expects a gradual recovery in output at Loulo-Gounkoto. Including the state’s 20% share, the mine could produce up to 362,500 ounces in 2026, based on the upper end of the company’s forecast. That level would remain well below the 723,000 ounces delivered in 2024, before the dispute disrupted operations. Despite the modest recovery, the asset remains strategically important for Barrick.

After producing 3.2 million ounces of gold in 2025, the group is targeting a similar output level in 2026. It is counting on contributions from Loulo-Gounkoto, particularly after selling its Hemlo and Tongon mines last year. Barrick operates around ten mines worldwide, including Kibali in the Democratic Republic of Congo and North Mara and Bulyanhulu in Tanzania.

For Mali, where industrial gold output fell by 22.9% last year, the restart of Loulo-Gounkoto is a key development. It comes as expectations of sustained strength in gold prices through 2026 grow, following a 67% rise in prices in 2025. Further updates are expected to clarify Barrick’s medium-term strategy for the mine and its impact on production.

Separately, Barrick said discussions are ongoing with the Malian authorities over the renewal of the mining permit for the Loulo mine, part of the Loulo-Gounkoto complex. The permit, which expires this month, is being extended for an additional ten years. The company did not say whether the negotiations reflect the provisions of the new mining code, which allows Mali to hold up to a 35% stake in a mine, including 5% reserved for local investors, up from 20% previously.

Aurel Sèdjro Houenou