• Operations at the Loulo-Gounkoto gold mine, Mali’s largest, reportedly resumed last week after a nine-month suspension, though neither Barrick nor Malian authorities have issued official confirmation.

• The mine, which accounts for 43% of Mali’s industrial gold output, has been mired in a dispute over a state audit claiming hundreds of billions of CFA francs, leading to Barrick’s suspension of activities in January 2025.

• The site remains under temporary state-appointed administration, reflecting ongoing tensions between foreign investors and Mali’s sovereignty drive.

The Loulo-Gounkoto gold mine, Mali’s largest industrial mining site, remains at the center of a year-long dispute between Barrick Gold Corp. and the Malian government, exposing deeper tensions between the country’s sovereignty ambitions and foreign investors’ interests.

Bloomberg reported on October 21 that operations at the mine had resumed last week, following an agreement to restore payments to certain subcontractors. However, neither Barrick nor the Malian authorities have officially confirmed the restart, and the judicial administration overseeing the site has remained silent.

A spokesperson from the Ministry of Mines said the government has not been involved in managing Loulo-Gounkoto since a June 2025 court ruling. That decision placed the mine under the temporary administration of Soumana Makadji, a former health minister appointed for six months. Since then, the site has operated outside the normal governance framework, leaving legal and operational clarity unresolved.

In July, Agence Ecofin reported that authorities were considering selling one ton of gold stored at the site to fund a partial restart. An administrative source confirmed the plan, but no official timeline or concrete steps have been released.

The conflict stems from a government audit that demanded several hundred billion CFA francs from mining operators over alleged unpaid taxes and fees. While other companies reached settlements, Barrick contested the audit’s findings. The disagreement escalated after the state seized three tons of gold in January 2025 and arrested four Barrick employees, prompting the company to suspend operations and file a complaint before the International Centre for Settlement of Investment Disputes (ICSID) in December.

Loulo-Gounkoto is a cornerstone of Mali’s economy. In 2024, the mine produced over 720,000 ounces of gold, representing 43% of the country’s industrial output. Since its shutdown, Mali’s total industrial gold production has fallen 32% year-on-year as of end-August 2025.

The government sees the mine’s revival as crucial to stabilizing revenues and reversing production declines. Yet, the lack of official communication and ongoing arbitration keep investors wary and the sector’s recovery uncertain.

This article was initially published in French by Louis-Nino Kansoun

Adapted in English by Ange Jason Quenum