• Talks resumed after CEO change; no formal agreement signed yet
  
  
• Mine's future uncertain amid Barrick’s shift toward Americas operations
  

The Malian government and Barrick Mining have reached an informal agreement to resolve a dispute over applying the 2023 mining code to the Loulo-Gounkoto gold mine, Reuters reported on Friday, citing people familiar with the matter.

The progress marks a step forward in a months-long standoff, although the mine’s future remains uncertain as the Canadian group undergoes a leadership transition.

Mark Bristow, Barrick’s long-time CEO and the driving force behind its African portfolio, resigned in September. He was replaced by Mark Hill, who was appointed interim CEO. Hill reopened talks with Bamako last week by sending a letter to the authorities, according to sources. The two sides then met on Friday, though no agreement was signed.

The move follows recent comments from Hill indicating that Barrick now plans to focus its growth on its operations in the Americas. Sources told Reuters that this strategic shift could lead to a sale of its African assets, including Loulo-Gounkoto, which accounted for 15% of Barrick’s gold output in 2024.

Barrick has not confirmed this information publicly. And although recent gestures suggest an effort to ease tensions in Mali, the company’s long-term plans for the mine remain unclear.

This is not the first time reports have pointed to easing tensions in the dispute. Reuters reported at the end of February that Barrick and the Malian state had signed a memorandum of understanding, weeks after the Canadian company shut down the mine.

That agreement did not hold, and Loulo-Gounkoto was placed under provisional administration in June for six months. Although the administrator announced a restart at the end of October, no details have been released about the terms. The mine is one of Mali’s most important assets, accounting for 43% of the country’s industrial gold production in 2024.

Aurel Sèdjro Houenou