Barrick Mining (ABX.TO) and the government of Mali have reached a verbal agreement in principle to resolve their dispute over the Loulo-Gounkoto gold mining complex, two sources familiar with the matter told Reuters on Friday.
The sources noted that no agreement has been signed yet. A Barrick spokesperson did not immediately respond to a request for comment, while a spokesperson for Mali’s mines ministry said negotiations were progressing well but offered no additional details.
According to Reuters, the dispute dates back to 2023 and centres on the application of Mali’s new mining code, which increases taxes and grants the state a larger share of gold mining operations.
According to one source, the two sides met for talks on Friday, one week after Barrick’s interim CEO Mark Hill sent a letter to Mali’s authorities requesting a restart of negotiations.
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The discussions covered several key issues, including the renewal of Barrick’s mine licence, set to expire in February 2026, for an additional 10 years.
They also addressed the release of four Barrick employees detained in Mali, the return of 3 metric tons of gold seized by Malian officials, and the possible withdrawal of arbitration proceedings Barrick initiated against the state.
Barrick suspended operations at the large Loulo-Gounkoto complex in January. A Malian court appointed a provisional administrator in June to restart activities, though blasting operations did not resume until October.
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Image Credit: Reuters
