Canadian mining giant Barrick Mining Corporation is on the verge of resolving a major two-year conflict with Mali's military government that forced the closure of one of its most productive gold mines and led to the detention of several employees.
Breakthrough in High-Stakes Negotiations
According to informed sources familiar with the matter, representatives from Barrick held crucial discussions with Malian authorities this past Friday to finalize terms for reopening the Loulo-Gounkoto mining operation. The parties have made significant progress and are reportedly close to reaching a formal agreement.
The dispute between Barrick and Mali's military leadership had been ongoing for more than a year, primarily centered around disagreements over a new mining code and government demands for millions of dollars in alleged back taxes. The tension escalated dramatically in January when the West African nation took drastic action by blocking gold exports, seizing company assets, and detaining senior Barrick employees.
From Shutdown to Potential Resolution
The conflict reached its peak when Barrick was forced to shutter the massive mining complex earlier this year. In a significant development, the Malian government appointed an administrator to take control of the asset in June, with operations eventually restarting under state management by September.
Under the proposed settlement currently being negotiated, Barrick would accept Mali's new mining code and regain operational control of the Loulo-Gounkoto mine. Importantly, the deal would also secure the release of all detained company employees who have been held since the dispute intensified.
Significant Production Impact
The resolution comes at a critical time for Barrick, as the temporary loss of control over Loulo-Gounkoto has prevented the company from fully benefiting from this year's record-breaking gold price rally. The mine represents one of Barrick's most valuable assets, having produced an impressive 723,000 ounces of gold in 2024 before the dispute led to its closure.
The potential agreement marks what could be the final chapter in a challenging period for the Toronto-based mining corporation, which has seen one of its key African operations paralyzed by the extended conflict with government authorities.
Neither Barrick Mining Corp nor Malian government officials provided immediate comments when contacted about the ongoing negotiations late Friday. The mining ministry spokesperson remained unavailable for clarification regarding the potential settlement terms.
