
Mali’s government has initiated the seizure of gold stocks at Barrick Gold’s Loulo-Gounkoto mining site, according to a company memo. This move marks a significant escalation in the ongoing dispute between the Canadian mining giant and Mali’s military-led authorities.
The Malian government began enforcing a provisional order to seize gold stock on January 11, as stated in Barrick’s note to its staff. The memo warned that if the situation remains unresolved, Barrick may have to suspend operations at the site.
This dispute centers around new mining rules, as Mali seeks a larger share of revenues from foreign miners. The Loulo-Gounkoto site holds approximately 4 metric tons of gold, valued at nearly $380 million, according to internal estimates.
The tension comes at a critical moment for both Mali and Barrick. The Loulo-Gounkoto complex accounts for about 14% of Barrick’s expected gold output for 2025. Meanwhile, gold remains Mali’s top foreign currency earner, constituting more than 80% of the nation’s total exports in 2023.
The dispute is part of a broader trend in West Africa, where military governments in Mali, Burkina Faso, and Niger are renegotiating mining contracts to increase their share of the profits. This comes after a series of coups that have shifted these countries’ alliances away from Western powers toward Russia.
Despite Barrick’s warnings, the Malian authorities have yet to respond to requests for comment. As tensions rise, the future of gold mining in Mali hangs in the balance.