• Barrick Mining reached a formal agreement with Mali that ends all disputes over Loulo-Gounkoto.

• Barrick expects Mali to drop all charges against its subsidiaries and release four detained employees.

• The company will withdraw its ICSID arbitration cases once it regains operational control of the mine.

Loulo-Gounkoto has remained under provisional administration since January, when Barrick Mining shut the mine after a dispute with the Malian government. The shutdown created uncertainty around day-to-day operations, because neither party disclosed meaningful updates for months.

Barrick Mining announced on Monday, November 24, that it concluded an agreement “ending all its disputes with the government of the Republic of Mali” regarding the Loulo-Gounkoto gold complex. The announcement confirmed earlier reports that the two sides had reached a verbal understanding, marking a major step toward resolving the long-running conflict.

Reuters reported on Friday, November 21, that both parties met that same day, citing sources close to the matter. While details of the meeting remained unclear, Barrick’s statement offered new information. The company said it expects the government to drop all charges against its Malian subsidiaries and to release four employees who have been detained for several months.

The statement also mentioned the lifting of the provisional administration imposed in June to run Loulo-Gounkoto. The government would then return operational control of the mine to Barrick. In exchange, Barrick plans to withdraw its “ongoing arbitration claims before the International Centre for Settlement of Investment Disputes (ICSID).”

The dispute originated from an audit published by Bamako that demanded several hundred billion CFA francs from mining operators. Several companies reached settlements with the state, but talks with Barrick remained stalled. The stalemate escalated after authorities seized a stock of gold at the site, prompting Barrick to suspend operations in January.

This progress coincides with a leadership transition at Barrick Mining. South African CEO Mark Bristow, who played a central role in the dispute since its early stages, resigned in September. Mark Hill succeeded him. Available information indicates that Hill wants to secure a compromise with Mali, although the implementation details of the agreement remain unclear.

Loulo-Gounkoto is Mali’s largest gold mine and accounted for 43% of the country’s industrial production in 2024. The mine also represents a key asset for Barrick, which derived around 15% of its gold output from the complex in the same year.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum