• Barrick regains control of Mali’s Loulo-Gounkoto gold mine after dispute
• Deal ends legal actions; Barrick to pay Mali $436 million
• Production restart planned; mine may rejoin 2026 output targets

Barrick Mining has regained control of its Loulo-Gounkoto gold mine in Mali, Reuters reported on Thursday, citing an internal memo from the Canadian miner.

The move marks the latest development in an agreement reached with the Malian government last November, after months of dispute triggered by the adoption of Mali’s 2023 Mining Code. The two sides had been at odds over the new rules before eventually reaching a compromise.

Under the agreement, Mali agreed to drop all legal proceedings against Barrick’s local subsidiaries, release four employees detained in the country and hand back control of the Loulo-Gounkoto complex, which had been placed under provisional administration in June, the company said.

In return, Barrick plans to withdraw arbitration proceedings filed with the International Centre for Settlement of Investment Disputes (ICSID), a World Bank-affiliated body.

Bloomberg has reported that the deal also includes a payment of 244 billion CFA francs ($436 million) by Barrick to the Malian state. Reuters reported earlier this month that the four employees had been released, and said last week that a Malian judge had ordered the return of a gold stock seized earlier this year at the Loulo-Gounkoto site, a move that had led to a suspension of operations.

Production outlook

According to the memo, Barrick plans a gradual restart of production at Loulo-Gounkoto, beginning with mandatory training programmes for employees and contractors.

If confirmed, the restart could allow the mine to be reintegrated into the company’s production guidance for the 2026 financial year, after being excluded from targets this year because of the dispute.

Uncertainty remains over how the 2023 Mining Code will be applied to the mine, particularly as the mining permit for Loulo, one of the two sites that make up the complex, is due to expire in February 2026.

The new code allows Mali to hold up to 35% of mining projects, including a 5% stake reserved for local investors, up from 20% previously.

Leadership changes and strategy

The developments come as Barrick undergoes a leadership transition. Mark Bristow, who had led the company since the start of the dispute in Mali, stepped down in September and was replaced by Mark Hill.

Hill has overseen renewed talks with Bamako and is leading a strategic overhaul focused on Barrick’s North American gold assets, particularly in Nevada. An initial public offering is under way for a new entity grouping those assets with the Pueblo Viejo mine in the Dominican Republic.

The shift has raised questions over the future of Barrick’s other operations, including Loulo-Gounkoto, which accounted for about 15% of the company’s attributable gold output in 2024 and remains Mali’s largest gold mine.

Aurel Sèdjro Houenou