Canadian mining giant Barrick Gold reopened its Bamako office on June 23, 2025, months after its operations were suspended by a Malian commercial court that placed the company under provisional administration. The reopening marks a cautious thaw in relations between the mining heavyweight and Mali’s transitional government, which has increasingly pushed for national control over natural resources. Former Malian finance minister Soumana Makadji, appointed interim administrator, is scheduled to visit the company’s flagship Loulo-Gounkoto gold complex in western Mali. The site contributes around 14% of Barrick’s global production and is a key driver of Mali’s economy. Operations at the complex will resume in phases as part of a broader effort to restore stability and increase oversight.
Mali, Africa’s third-largest gold producer, currently holds a 20% stake in Loulo-Gounkoto but is seeking to raise that to 35% under a proposed revision of its mining code aimed at enhancing state revenue. The reforms are part of a wider regional trend where governments seek greater control over extractive industries.
Barrick reportedly incurred losses of $1.24 billion in 2025 due to the shutdown, but the company is expected to resume full-scale production within the next quarter. Meanwhile, Mali’s Ministry of Mines projects national gold output will rebound to 54.7 tonnes annually, thanks in part to resumed operations and increased artisanal mining activities. Negotiations over fiscal terms, local content, and environmental oversight are ongoing, as both parties aim to strike a balance between investor confidence and sovereign control.
