Barrick pays Mali about $430m to end Loulo-Gounkoto dispute and regain control
A year-long standoff that saw gold stockpiles seized and executives threatened with arrest ends with Barrick accepting Mali's new mining code
Barrick Mining agreed in late November 2025 to pay Mali's government approximately $430m to settle a bitter, year-long dispute over the Loulo-Gounkoto gold complex, one of the company's largest mines and a significant contributor to Mali's export earnings. Under the settlement, Barrick withdrew the arbitration claims it had filed with the International Centre for Settlement of Investment Disputes, while Mali agreed to return operational control of the mine, drop legal proceedings against the company and its employees, and release staff who had been detained during the standoff.
How the dispute escalated
The conflict traced back to Mali's 2023 mining code, which raised the state's entitlement to revenue from gold projects and which Barrick had initially resisted applying to Loulo-Gounkoto under its existing mining conventions. As talks broke down through 2024 and into 2025, Mali's transitional government seized roughly three tonnes of gold from the mine, appointed a provisional administrator to run it, and pursued legal action against Barrick personnel, actions that forced the company to write off about $1bn in revenue and contributed to the departure of long-serving chief executive Mark Bristow.
Terms of the resolution
As part of the settlement, Barrick accepted the terms of the 2023 mining code, which allows the Malian state to hold up to 35% of a mining project, including a 5% stake reserved for local investors, up from 20% previously. In return, Barrick regained operational control of Loulo-Gounkoto on 18 December 2025, and Mali's Council of Ministers renewed the mine's operating permit for a further ten years on 13 February 2026, transferring it to Barrick's local subsidiary, Somilo.
What it means for Mali and Barrick
Including the state's enlarged ownership share, the mine is expected to produce as much as 362,500 ounces of gold in 2026 at the top end of Barrick's guidance, restoring a significant flow of royalties, taxes and export revenue to Mali's treasury. For Barrick, the settlement removes a costly and reputationally damaging overhang, though it also sets a precedent, confirmed appetite in Bamako and other resource nationalist governments in the region for renegotiating the terms foreign miners operate under.
The episode has also drawn attention from other foreign miners operating in the Sahel, many of which are now reassessing how quickly they should accommodate similar demands elsewhere rather than risk a comparable standoff, even as Barrick itself continues to describe Mali as a core part of its long-term production base.
Sources
Was this useful?
More from MiningWrap
The whole sector in one weekly read.
Deals, policy and markets — every Thursday.
Discussion
Loading comments…