• Barrick to pay $430M to Mali, ending dispute over Loulo-Gounkoto mine
  
• Charges dropped, employees to be released, mine control returns to Barrick
  
• Uncertainty remains over permit renewal, seized gold, and future ownership
  

The resolution of a dispute between Barrick Mining and Mali includes a payment of 244 billion CFA francs ($430 million) by the company to Bamako, Bloomberg reported on Tuesday.

The information has not been officially commented on but follows the Canadian group's announcement on Monday of a deal with authorities to resume operations at the Loulo-Gounkoto complex, Mali's largest gold mine.

According to sources close to the matter relayed by the U.S. media outlet, Barrick will pay 144 billion CFA francs to the Malian government within six days of the agreement's signing. As Barrick already paid 50 billion CFA francs last year as part of the dispute settlement, the company will only need to complete the payment with 50 billion CFA francs through VAT credits.

As part of the dispute resolution, Barrick said on Monday that all charges against its Malian subsidiaries will be dropped. The four company employees, detained for several months, are expected to be released. It is also planned that the mine's operational management, currently handled by an interim administrator appointed by the Malian justice system at Bamako's request, will be transferred to Barrick.

The Canadian company has committed in exchange to drop the arbitration proceedings it initiated against the Malian government at the International Centre for Settlement of Investment Disputes (ICSID).

However, Barrick gave no information on the return of the gold stock seized at Loulo-Gounkoto earlier this year. The company's future at the complex remains uncertain, as CEO Mark Hill, who has been interim leader since Mark Bristow's surprise resignation, indicated that Barrick's growth would be more focused on North America. The question of renewing the Loulo mining permit, which expires in February 2026, also arises, as does the future ownership structure of the complex.

Under the mining code adopted in 2023, the Malian government can hold up to 35% in mines, including 5% for local investors. Currently, the Loulo-Gounkoto gold mine is 80% controlled by Barrick, with Bamako holding 20%.

Emiliano Tossou