• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold
• Barrick halted operations in January over export blocks; legal disputes are ongoing
• Reopening timeline unclear; Barrick contests Mali’s actions at ICSID

Soumana Makadji, the provisional administrator of Mali's Loulo-Gounkoto gold mine, is continuing negotiations to restart operations at the site, which remains owned by Barrick Mining. According to a July 8 report by Reuters, the former Malian Minister of Health reportedly plans to sell one ton of gold currently stored at the mine to fund the resumption of production.

Mali’s largest gold mine has been shut down since January 2025. Barrick decided to suspend operations in protest over blocked exports and the Malian government's seizure of several tonnes of gold. While Barrick is pursuing its claims before an international arbitration tribunal, Bamako initiated legal proceedings months ago to obtain the mine’s reopening.

That request was granted in June by a judge, who appointed Makadji as provisional administrator. The former minister is also said to have reached out to a former insider, Samba Touré, to assist in restarting activities. Touré currently heads the state-owned mining company SOREM and previously worked for Randgold, which merged with Barrick in 2018. His past roles included operations director for West Africa.

Uncertainties Surround Mine Reopening

The closure of Loulo-Gounkoto forced some of Barrick’s subcontractors to lay off workers. However, it remains unclear to what extent the reopening will allow companies to get back on track. No information is currently available regarding which subcontractors will work with the new management or when production might resume.

Although Loulo-Gounkoto achieved a record output of 723,000 ounces in 2024, its future performance is difficult to predict. In Zambia, a similar dispute between the state and mining company Vedanta led to the Konkola Copper Mines complex being placed under provisional administration by the courts. Copper production there subsequently declined due to a lack of investment.

While awaiting the reopening of Loulo-Gounkoto, these developments continue to be contested by Barrick. The Canadian company has filed a request for provisional measures with the International Centre for Settlement of Investment Disputes (ICSID). Barrick states it remains open to dialogue with local authorities, who accuse it of failing to pay hundreds of millions of dollars in taxes and royalties. Barrick continues to deny these allegations.

Emiliano Tossou