BARRICK Mining has secured a 10-year extension for its Loulo gold mining permit in Mali, following approval of a draft decree by the West African nation’s government, said Reuters citing military leader Colonel Assimi Goita.
The permit renewal concludes a turbulent period for the Canadian miner, which resolved a two-year dispute with Malian authorities last November. The conflict arose after Mali introduced a 2023 mining code that increased taxes and expanded state participation in mining projects, said Reuters.
Under the settlement, Barrick withdrew its case from the World Bank’s dispute tribunal, whilst Mali dropped all charges against the company and its affiliates, released detained employees and restored operational control of the Loulo-Gounkoto complex to the miner.
A fresh feasibility study conducted for the renewal process has identified economically viable reserves sufficient for six years of open-pit operations and 16 years of underground mining. Gross annual production is projected at 420,920 ounces.
The Loulo-Gounkoto complex in western Mali represents the country’s largest gold producer and Barrick’s most profitable mine globally. The operation generated nearly $900m in revenue during 2024.
Mali ranks amongst Africa’s leading gold-producing nations, with the precious metal forming a cornerstone of its economy, said Reuters.
