Barrick Mining has reached an agreement with the Government of Mali to resolve all outstanding disputes related to the Loulo-Gounkoto mining complex — a major breakthrough in the long-running Barrick–Mali standoff.
Under the agreement, all charges against Barrick, its subsidiaries, and employees will be dropped, and steps have begun to secure the release of four detained staff members. The provisional administration overseeing the Loulo-Gounkoto operations will be removed, restoring full operational control to Barrick.
The settlement paves the way for both parties to rebuild a constructive working relationship. As part of the deal, Barrick will withdraw its arbitration cases currently before the International Centre for Settlement of Investment Disputes (ICSID).
Sources told Reuters that Mali has agreed to extend Barrick’s mining permit by ten years, while Barrick has committed to signing the country’s 2023 mining code.
In a government-released video, Barrick’s West Africa director Mamadou Samake stated that the company aims to restart operations by 1 January 2026. Mali’s Mining Ministry also confirmed that Barrick will soon be authorised to resume full operations at the Loulo-Gounkoto site.
The dispute originated from Mali’s new mining code, designed to increase state revenues from gold mining amid record gold prices. The two-year impasse saw the government seize three tonnes of gold from Barrick earlier this year and install a temporary administrator at the mine. Barrick subsequently wrote off $1 billion in revenue and saw the departure of former CEO Mark Bristow.
Following news of the settlement, Barrick’s shares surged 8.5%, closing at a record C$55.93 in Toronto.
The agreement follows renewed negotiations prompted by a letter from interim CEO Mark Hill requesting a pathway to resolution.
