Canadian mining giant Barrick Gold has reached a settlement with Mali’s government, ending a multi-year dispute over the Loulo-Gounkoto gold mining complex. The agreement, announced Monday, will see Barrick drop its arbitration case at the World Bank’s International Centre for Settlement of Investment Disputes. In return, Mali has agreed to drop all charges against the company and its affiliates, release four jailed employees, and return operational control of the Loulo-Gounkoto site to Barrick.
Barrick, one of the world’s largest gold producers, clashed with Mali after the government introduced a new mining code in 2023 aimed at increasing state revenues from mining and asserting greater control over natural resources. The company initially refused to adopt the code, prompting legal and administrative action by the government. Tensions escalated in June when a Malian court placed the Loulo-Gounkoto complex under provisional administration, a measure now lifted under the settlement.
According to Bloomberg, Barrick is expected to pay 144 billion CFA francs within six days of signing the agreement, with an additional 50 billion CFA francs via VAT-credit offsets, adding to a previously paid installment of 50 billion CFA francs. The total settlement reportedly amounts to roughly 244 billion CFA francs ($430 million), though neither Barrick nor Mali has confirmed the financial terms. The resolution allows Barrick to resume full operations at Loulo-Gounkoto and marks a significant step in stabilizing foreign investment in Mali’s mining sector.
