Canadian mining giant Barrick finally resolves mining dispute with Mali

Canadian mining giant Barrick has reached a settlement with the Malian government to resolve a year-long dispute over the Loulo-Gounkoto gold mining complex, which has stalled operations and limited the company’s ability to benefit from rising gold prices.

The conflict began in July 2023, when Mali’s military-led government introduced a new mining code that raised taxes and increased the state’s ownership stake in mining projects. Tensions escalated later that year and into 2024, culminating in the issuance of an arrest warrant for Barrick CEO Mark Bristow.

Barrick had responded by proposing a $370 million settlement to resolve the legal impasse. The dispute resulted in the detention of four employees, a suspension of gold exports, and the temporary shutdown of the Loulo-Gounkoto mine in January 2025.

In a dramatic escalation, military helicopters reportedly landed at the site in July 2024, seizing over a metric ton of gold, according to the company.

Under the new agreement, Barrick will regain full operational control of the Loulo-Gounkoto complex.

In return, Mali has agreed to drop all charges against Barrick and its affiliates and release the detained employees. The settlement also ends ongoing arbitration proceedings at the World Bank dispute tribunal.

The standoff had prevented Barrick, the world’s second-largest gold producer, from fully capitalising on a historic bullion rally, affecting the company’s revenue from one of its key African operations.

Under the settlement, Barrick will drop its arbitration case at the World Bank dispute tribunal, while Mali will drop all charges against Barrick and its affiliates, release the company’s detained employees, and restore operational control to the Canadian miner.

The resolution marks a significant step in normalising relations between Barrick and the Malian authorities, signalling renewed investor confidence and the potential for sustained gold production in West Africa.