• Mali’s industrial gold production fell an estimated 22.9% in 2025 to 42.2 tonnes, marking a second consecutive annual decline.
• The shutdown of the Loulo-Gounkoto complex amid a dispute between Barrick Mining and the Malian state drove most of the decline.
• Gold remained central to the economy, accounting for 76.5% of exports and 9.2% of GDP in 2022, even as production weakened.

In Mali, the extractive sector, largely dominated by gold mining, remains the country’s main source of foreign currency. According to a report from EITI-Mali, extractive activities accounted for 34.8% of public revenue and 9.2% of gross domestic product in 2022.

Against this backdrop, Mali’s total output from industrial gold mines fell by an estimated 22.9% in 2025, according to provisional figures from the Ministry of Mines cited by Reuters late last week. If authorities confirm these numbers in the final release, they will mark a second consecutive annual decline in production since 2023.

The data show that Mali’s industrial gold mines produced a combined 42.2 tonnes in 2025. This level stood well below the 54.8 tonnes recorded in 2024 and the 66.48 tonnes produced in 2023. The figures point primarily to the shutdown of the Loulo-Gounkoto gold complex, which followed a dispute between its Canadian operator, Barrick Mining, and the Malian state.

Loulo-Gounkoto, which ranked as the country’s largest gold mine in recent years, halted operations in January 2025 as tensions escalated between its owner and Malian authorities. The state placed the mine under provisional administration in June at its own request. As a result, the complex delivered only 5.5 tonnes of gold during the year, compared with 22.5 tonnes in 2024. Beyond Loulo-Gounkoto, Mali also hosts other major industrial mines, including Fekola, operated by B2Gold, and Sadiola, run by Allied Gold.

Looking ahead, the release of final production data will prove critical to fully assess 2025 output trends and their impact on Mali’s economy. The extractive sector remains a cornerstone of economic activity. EITI-Mali data show that gold accounted for 76.5% of exports and 9.2% of GDP in 2022. For 2025, the African Development Bank forecast economic growth of 5.3%, driven in part by extractive activities.

Can Loulo-Gounkoto Provide Relief in 2026?

At this stage, authorities have not released production forecasts for 2026. However, recent developments surrounding Loulo-Gounkoto suggest a potential restart of operations by Barrick. In November 2025, the Canadian group and the Malian state reached an agreement to resolve their dispute, which stemmed from recent mining reforms, including the adoption of the 2023 mining code.

Reports point to several advances, ranging from the payment of several hundred million dollars to Bamako to settle outstanding claims to Barrick’s resumption of operational control at the mine. Even so, officials have disclosed few details on how the agreement will unfold in practice. Market participants will therefore watch upcoming communications closely, particularly Barrick’s annual outlook, for greater clarity.

For context, Barrick excluded Loulo-Gounkoto from its 2025 production guidance. An effective restart under the company’s management could prove decisive for Mali’s gold output, which will also continue to depend on performance at other operating industrial mines.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum