Canadian mining giant Barrick and Malian authorities announced Monday they had reached a landmark agreement ending a months-long dispute over the Loulo-Gounkoto gold complex.
The resolution comes as Mali’s economy faces severe strain from a jihadist fuel blockade, which has slowed trade and disrupted daily life across the country.
Barrick, which holds an 80-percent stake in the western Mali complex, will regain operational control, with all charges against the company and its employees formally dropped.
The agreement also clears the path for the release of four Barrick employees detained during the height of tensions earlier this year, the company said.
Malian officials said the deal marks “the end of a period of conflict” and welcomed the resumption of normal operations for workers and local communities.
The dispute began after Bamako accused Barrick of underpaying taxes, royalties, and dividends, and implemented stricter mining regulations to secure greater state revenue.
Earlier this year, authorities seized approximately three tonnes of gold and temporarily closed Barrick’s offices in Bamako amid growing legal friction with the company.
Barrick has agreed to withdraw its arbitration claims before the International Centre for Settlement of Investment Disputes, signaling a willingness to pursue constructive cooperation.
The Loulo-Gounkoto complex, operating since 2011, includes both open-pit and underground mining, contributing roughly $1 billion to Mali’s economy in 2023 alone.
While situated in western Mali near the Senegalese border, many of the country’s northern mining sites remain under the influence of jihadist groups, complicating security and trade.
Malian authorities hailed the agreement as a critical step toward stabilising the economy and ensuring the continuity of one of the nation’s most important industrial assets.
