Mali’s government has approved a draft decree to renew Barrick Mining’s Loulo gold mining permit for another 10 years, the country’s military leader said in a statement on Friday, Reuters reported.
The West African nation, one of Africa’s top gold producers, settled a long-running dispute in November with Barrick over profit-sharing terms and control of the Loulo-Gounkoto gold mining complex.
The disagreement lasted two years and was triggered by a 2023 mining code that increased taxes and raised the state’s ownership stake in mining projects.
Under the agreement, Barrick agreed to withdraw its arbitration case at the World Bank’s dispute tribunal.
In return, Mali said it would drop all charges against the Canadian mining company and its affiliates, release detained employees, and hand back operational control of the complex to the company.
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As part of the license renewal process, Barrick conducted a new feasibility study.
The study found economically viable reserves that would support six years of open-pit mining and 16 years of underground mining.
Gross annual production is estimated at 420,920 ounces, according to the statement.
The Loulo-Gounkoto mining complex, located in western Mali, is the country’s largest gold producer and Barrick’s most profitable mine. It generated nearly $900 million in revenue in 2024.
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Image Credit: Africa-Press
