THE largest contractor at Barrick Mining’s Loulo-Gounkoto gold complex in Mali is winding down its operations and dismissing more than 600 workers, said Reuters citing three sources.
The contractor’s exit underscored how Barrick might be retreating from higher-risk assets, the newswire said in an article on Friday.
Barrick will not renew its contract with Gounkoto Mining Services (GMS) in 2026, two of the sources said, adding that it remained uncertain whether the arrangement would be extended into 2027. GMS, a subsidiary of DTP, oversaw extraction at the Gounkoto open-pit mine and the Yalea North mine. Both operations have been idle since Barrick recovered control of the complex in December, following a prolonged stand-off with the Malian government over taxes and ownership, said Reuters.
GMS has issued termination notices to more than 600 workers, who are serving out their notice periods after completing mandatory medical examinations, the two sources said.
Sources said GMS’s exit and the wider difficulties facing Loulo-Gounkoto were unrelated to the security situation in Mali, with recent militant attacks having occurred far from the complex.
Barrick has trimmed its 2026 production targets for the complex and excluded Gounkoto from its annual plans. The operation yielded around 80,000 ounces in the first quarter and is projected to produce 103,000 oz in the second — well short of pre-dispute averages. Mali’s gold output fell 23% last year, largely because of the suspension.
While Gounkoto and Yalea North remain inactive, two other open pits — Baboto and Gara West, operated by local companies Corica and Nieta Mining respectively — have resumed production. Investment is expected to recover later this year, with expatriate workers due to return in the second quarter.
