Mali’s junta-led government has begun selling gold from the seized Loulo-Gounkoto mine to fund the resumption of operations, official sources told AFP.
The move follows a June court ruling that transferred control of the western mine from Canadian company Barrick to a state-appointed administrator for six months.
Mining at Loulo-Gounkoto, one of the world’s largest gold complexes, halted in January after authorities confiscated about three tonnes of gold. A source at Mali’s economy ministry said gold sales are helping the administrator address financial challenges, including salary arrears and operational costs.
The government has clashed with Barrick over tax disputes, accusing the firm of owing hundreds of millions of dollars to the Malian treasury.
While Barrick retains legal ownership of 80 percent of the mine, operational control now lies with an external administrator, the company confirmed. Mali’s mining ministry said the gold sales form part of a wider effort to assert national control over mineral resources and increase revenues.
Barrick has initiated international arbitration through the World Bank’s dispute resolution body, seeking to resolve the conflict. Loulo-Gounkoto, located near the Senegalese border, began producing gold in 2011 and contributed about \$1 billion to Mali’s economy in 2023.
The Malian state, which holds a 20 percent stake in the mine, is grappling with economic pressures amid ongoing political instability. Mali’s ruling junta seized power in consecutive coups in 2020 and 2021, intensifying efforts to nationalise key assets and reduce foreign influence.
Details on the exact amount of gold sold have not been disclosed by the authorities or the court-appointed administrator.
