Mali and Barrick Mining have agreed in principle to settle the gold mine dispute
Barrick Mining (ABX.TO) and Mali’s government have reached a verbal agreement in principle to resolve their dispute regarding the Loulo-Gounkoto gold mining complex, two sources familiar with the situation informed Reuters on Friday.
According to the sources, no agreement has been signed as of now.
A representative from Barrick Mining has yet to provide a response to the request for comment. A representative from Mali’s mines ministry indicated that negotiations are advancing positively, though additional details were not disclosed.
The two parties have been engaged in a disagreement since 2023 regarding the enforcement of a new Mali mining code that increases taxes and allocates a larger portion of gold mines to the government.
On Friday, they convened for discussions, following a letter from Barrick’s interim CEO Mark Hill to Mali’s administration a week prior, requesting the resumption of negotiations, according to one of the sources.
The discussions encompassed the extension of Barrick’s mine license, set to expire in February 2026, for an additional 10 years. The source indicated that they also talked about the release of four Barrick employees who were arrested in Mali, the return of 3 metric tons of gold that had been seized by Mali officials, and the cessation of arbitration proceedings that Barrick had initiated against Mali.
Barrick halted operations at the extensive Loulo-Gounkoto complex in January. In June, a Malian court designated a provisional administrator to resume operations, but blasting only commenced in October.
