BARRICK Mining and Mali’s government have agreed in principle to resolve their dispute over the Loulo-Gounkoto gold mining complex, said Reuters citing two sources familiar with the matter.
The verbal agreement remains unsigned. A Barrick spokesman declined comment whilst Mali’s mines ministry confirmed negotiations were advancing without elaborating.
The parties have been locked in dispute since 2023 over implementation of Mali’s revised mining code, which increases taxes and expands state participation in gold operations.
Discussions followed a letter from Barrick interim CEO Mark Hill requesting renewed negotiations, said Reuters. The talks addressed renewal of Barrick’s mining licence, due to expire in February 2026, for a further 10 years.
Other issues included releasing four detained Barrick employees, returning three tons of gold confiscated by Malian authorities, and withdrawing arbitration proceedings Barrick had launched against the government.
Barrick suspended operations at Loulo-Gounkoto in January. A Malian court appointed a provisional administrator in June to restart production, though blasting only recommenced in October.
The complex remains a significant gold producer despite the operational disruptions and ongoing commercial tensions between the Canadian miner and Bamako authorities.
