Canadian miner Barrick Mining (ABX.TO) has reached an agreement with the government of Mali to resolve all disputes concerning the Loulo-Gounkoto gold mining complex that have persisted since 2023.
The disagreement centered on Mali’s implementation of a new mining code, which increased taxes and granted the government a larger stake in gold mines.
As part of the settlement, Barrick will withdraw its arbitration case at the World Bank dispute tribunal, while Mali will drop all charges against Barrick and its affiliates, return operational control of the mine to the company, and release its employees.
The dispute followed a series of events as documented by Reuters
— July 14, 2023: Mali’s military-led government proposes changes to its mining law that would increase state and local interest in projects by 35%
— September 27, 2024: Mali’s military-led authorities arrest four employees of the miner for alleged financial crimes
— October 8, 2024: Mali government seeks about 300 billion CFA ($512 million) from Barrick as unpaid dues
— December 5, 2024: Mali issues an arrest warrant for Barrick’s former CEO Mark Bristow, accusing him of money laundering and violating financial regulations
— December 16, 2024: Barrick threatens to suspend its operations in Mali
— December 18, 2024: Barrick launches arbitration against Mali at the International Centre for Settlement of Investment Disputes
— January 13, 2025: Mali’s military-led government seizes 3 metric ton of gold from Barrick’s mine
— January 14, 2025: Barrick suspends operations in Mali
— February 19, 2025: Barrick signs a new agreement with the Mali government to end an almost two-year-old dispute over its mining assets in the West African country, but the deal falls through
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— April 15, 2025: Malian authorities shut Barrick’s Bamako office over alleged unpaid taxes, and the government threatens to place the suspended Loulo-Gounkoto mine under provisional administration unless it reopens and tax payments are made
— May 7, 2025: Barrick CEO Mark Bristow says it is spending $15 million a month to keep its Mali mine running and does not know where Mali’s government is keeping the gold seized from the Canadian company
— June 11, 2025: Barrick removes Mali gold complex from its 2025 output forecast
— June 16, 2025: Loulo-Gounkoto mine in Mali placed under state control by a court
— June 23, 2025: Malian tax officials reopen Barrick’s Bamako office under a court-appointed administrator
— July 8, 2025: The administrator of Loulo-Gounkoto complex plans to sell one metric ton of gold from the storeroom as operations resume after nearly six months of suspension
— July 22, 2025: A court in Mali rejects Barrick’s appeal to release four employees arrested last November, calling the request unfounded, with Barrick saying the allegations against the employees are baseless
— September 29, 2025: Barrick appoints veteran executive Mark Hill as interim president and CEO following the sudden resignation of Mark Bristow
— October 10, 2025: Operations at Barrick’s Loulo underground gold mine in Mali are scheduled to begin on October 15, four months after a court-appointed provisional administration took control of the site
— October 31, 2025: World Bank arbitration body rejects a request by Barrick to expedite its international arbitration case against Mali
— November 21, 2025: Barrick Mining and Mali’s government reach a verbal agreement to resolve their dispute over the mining complex
— November 24, 2025: Barrick Mining reaches agreement with Mali’s government to resolve all their disputes over the mining complex.
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Image Credit: Reuters
