By Jamie Hyland
Barrick Gold Corporation, a leading global mining company, has announced its readiness to restart operations at the Loulo-Gounkoto gold mining complex in Mali as soon as the Malian authorities permit the resumption of gold shipments. The company’s operations have been suspended due to an ongoing dispute with the Malian government over a new mining code implemented in October 2024.
The conflict escalated when Malian authorities seized approximately $245 million worth of gold from Barrick’s operations and detained four of the company’s employees. An arrest warrant was also issued for Barrick’s CEO, Mark Bristow.
The conflict escalated when Malian authorities seized approximately $245 million worth of gold from Barrick’s operations and detained four of the company’s employees. An arrest warrant was also issued for Barrick’s CEO, Mark Bristow.
Barrick has initiated international arbitration to resolve the dispute and has received assurances from the Malian government that the seized gold remains the company’s property. Bristow highlighted the mutual economic impact of the suspension, noting that Barrick contributed $460 million to the Malian government in the previous year.
Over the past 29 years, Barrick has invested more than $10 billion in Mali, with its mines accounting for between 5% and 10% of the country’s gross domestic product annually. In a statement from July 2024, Bristow emphasized the importance of ensuring the long-term viability of the Loulo-Gounkoto complex for the sustainability of Mali’s mining industry.
Bristow commented, “We continue to work constructively towards a global resolution of our differences and finding common ground on the key issue of sharing the economic benefits of our operations without damaging the future viability of these valuable contributors to the economy.”
Despite the current tensions, Barrick remains committed to its long-term investment in Mali. The company is engaging with the National Directorate of Geology and Mines to expand its exploration footprint in the country, aiming to deliver real value to Mali and its stakeholders. Bristow cautioned that the current economic and political climate in Mali had caused exploration companies to curtail or suspend their operations in the country, which could impact gold production in the long run.
Bristow noted, “In contrast, Barrick has been engaging with the National Directorate of Geology and Mines (DNGM) to grow our exploration footprint here, securing our ability to deliver real value to Mali and our stakeholders in the country.”
The resolution of this dispute is crucial not only for Barrick but also for Mali’s economy, which significantly benefits from the mining sector. The resumption of operations at Loulo-Gounkoto is anticipated to restore substantial economic contributions to the country and reinforce the partnership between Barrick and the Malian government.
As the situation develops, stakeholders are hopeful for a swift resolution that will allow Barrick to resume its operations, ensuring continued economic benefits for both the company and the people of Mali.
