Barrick Gold Seeks Resolution in Mali Mining Dispute
Barrick Gold remains fully engaged in negotiations with the Malian government to resolve their ongoing dispute over the Loulo-Gounkoto gold mining complex, according to a company memo seen by Reuters on Saturday.
The conflict stems from Mali’s new mining code, which grants the state a larger stake in mining operations. Since 2023, Barrick and the government have struggled to agree on its implementation.
Tensions escalated on January 13, when Barrick temporarily halted mining operations after the government seized three metric tons of gold stock and blocked exports since November 2023.
On February 19, Barrick reportedly signed an agreement to end the dispute, pending formal state approval. While the process is moving forward, finalization is taking longer than expected, a source close to the negotiations told Reuters.
Similar agreements with other mining companies in Mali have also required extended timelines for government approval, another source noted.
In an internal memo sent Saturday, Barrick’s COO for Africa and the Middle East, Sebastiaan Bock, informed staff that there were “no major updates at this stage.”
“All non-critical operations remain temporarily paused until further notice,” Bock stated, confirming that salaries and annual bonuses are still being paid despite the suspension.
However, in March, one of Barrick’s suppliers revealed that the company had two months’ worth of overdue payments, highlighting the financial strain of the prolonged dispute.
As negotiations continue, Barrick remains committed to securing a resolution that benefits both the company and Mali’s government.
