Barrick Regains Control of Loulo-Gounkoto Gold Mine in Mali
Barrick Mining Corp has regained control of its Loulo-Gounkoto gold mine in Mali following the resolution of a long-running dispute. Mali’s government has agreed to restore the mine to Barrick and return three tons of gold previously confiscated. The decision follows a settlement reached between the two parties last month. The Loulo-Gounkoto complex is one of Barrick’s most important gold assets in Africa.
Dispute Resolution Ends Multi-Year Standoff
The agreement ends a dispute that lasted more than two years. The standoff forced the shutdown of the Loulo-Gounkoto gold mine. The closure disrupted production and created uncertainty around one of West Africa’s largest gold operations. The resolution marks a significant turning point for Barrick’s Mali operations. Mali’s mining ministry declined to comment on the matter.
Settlement Terms Restore Operational Control
Under the agreement, Barrick will pay a settlement of 244 billion CFA francs, equivalent to approximately $437 million. In exchange, the company will regain operational control of the Loulo-Gounkoto mining complex. Barrick also agreed to withdraw its arbitration claims against the Malian government. The government will drop all charges against Barrick as part of the settlement.
Detained Employees Released as Part of Agreement
Four Barrick employees detained during the dispute were released last month. Their release formed part of the broader agreement between the company and the government. The outcome restores stability to Barrick’s operations in Mali. It also allows the company to resume production planning at the Loulo-Gounkoto mine. The resolution reinforces the importance of negotiated outcomes in complex mining jurisdictions.
This article was inspired by Australian Mining.