Bristow Faces Geopolitical Struggles as Mali’s Military Junta Targets Barrick Gold

Mark Bristow has spent three decades navigating civil wars and coups to build some of Africa’s richest gold mines, but now, Barrick Gold’s CEO is facing pressure from a cash-strapped Mali junta.

This comes after a dispute over the division of economic benefits from the country’s largest gold mine.

In 2012, when Mali’s government was overthrown, the junta allowed Bristow’s Randgold Resources to continue operations, even granting special permits for the company to fly gold bullion out of the country.

However, the relationship has soured over time, and now, a different military regime has issued an arrest warrant for Bristow, following a months-long disagreement over the financial terms for the Loulo-Gounkoto mine, one of Barrick’s most profitable assets.

Mali, Africa’s second-largest gold producer, is home to Barrick’s Loulo-Gounkoto, which produces more than half a million ounces annually, placing it among the industry’s top-tier assets.

Over the years, Bristow gained a reputation for thriving in politically unstable regions by building resilient operations, training local workers, and ensuring governments received expected royalties and taxes.

But his skills are now being tested. The Mali government has threatened to allow Loulo-Gounkoto’s key permits to expire in 2026 unless a resolution is reached.

Although Barrick has proposed a $370 million settlement following a disputed audit, the junta has raised the stakes by accusing Bristow and the mine’s general manager of money laundering, leading to the detention of four Barrick employees last month.

Bristow’s history of navigating tough African jurisdictions has had mixed results. He resolved a long-standing dispute with Tanzanian authorities over a $190 billion tax bill when he first took the helm at Barrick. However, his attempts to influence the Congolese government while at Randgold proved ineffective.

Bristow’s task in Mali is made more difficult by a shifting geopolitical landscape. Since a coup four years ago, Mali’s junta, led by General Assimi Goita, has turned towards Russia, severing ties with traditional partners such as the U.S. and France.

This shift comes amid a surge in gold prices, which the cash-strapped government sees as an opportunity to generate funds, partly to support its alliance with Russian mercenaries fighting an Islamist insurgency.

Mali has already negotiated with four major miners, including Barrick, to settle claims worth over $840 million in back taxes. The government is also pushing to amend the mining code, raising royalties and giving the state larger stakes in mining operations.

Barrick, along with B2Gold and Allied Gold, contributed significantly to the $1.1 billion the mining sector paid to the Malian state last year.

Despite this, the company’s attempts to negotiate with the junta have been unsuccessful. Bristow has maintained that Barrick is committed to a deal that preserves the long-term viability of Loulo-Gounkoto, offering to increase the government’s share of the mine’s economic benefits to 55%.

The situation in Mali mirrors broader trends across Africa, where Russia is gaining influence while Western powers retreat. As Mali tightens its grip on the gold industry, some experts worry that the country’s approach could discourage future investment, despite the still-lucrative opportunities in its mining sector.

Bristow’s ability to reach a resolution in Mali remains uncertain, but the outcome could shape the future of Barrick Gold’s operations in the country and highlight the growing complexities of doing business in Africa’s resource-rich, geopolitically unstable regions.