Barrick Resumes Gold Production at Mali’s Loulo-Gounkoto Mine After Nine-Month Shutdown
Barrick’s Loulo-Gounkoto gold mine restarts operations in Mali after government dispute and nine-month halt
Barrick Gold Corporation has restarted operations at its Loulo-Gounkoto gold mine in Mali after a shutdown lasting more than nine months, Bloomberg reported, citing sources familiar with the matter.
The Loulo-Gounkoto complex, one of Barrick’s most important assets in West Africa, was shut down in January following escalating tensions with Mali’s military-led government.
The dispute intensified earlier this year when a Malian court appointed Soumana Makadji, an accountant and former health minister, to manage the mine for six months amid disagreements over export restrictions and the detention of company employees.
Production resumed late last week after an agreement was reached to resume payments to contractors, according to Bloomberg.
Mali’s Minister of Mines, Amadou Keita, stated in June that the interim management would “restart operations, produce, pay workers’ wages, and contribute gold to the national economy.” Representatives from both Barrick and Makadji have declined to comment on the recent developments.
A spokesperson for the Ministry of Mines said the government was not directly involved in mine operations, which remain under interim administration.
Subcontractors impacted by the shutdown included Maxam, Sandvik Group, and Etasi & Co. Drilling. Both Maxam and Etasi did not respond to requests for comment.
The Loulo-Gounkoto complex produced 723,000 ounces of gold in 2023, making it a key contributor to Barrick’s overall output. The prolonged closure prevented the company from fully benefiting from this year’s rally in global gold prices.
Barrick has since initiated arbitration proceedings against the Malian government and filed appeals in Bamako over the detention of four employees since November. The company has denied allegations of money laundering and terrorism financing linked to the case.
Amid the ongoing tensions, Barrick reported that government agents seized a tonne of gold from the site, and the company is still awaiting clarification on the status of the bullion.
The dispute centers on alleged back taxes and the government’s implementation of new mining legislation. Barrick maintains that its local subsidiaries are protected under existing agreements that shield them from certain legal and fiscal changes.
Earlier this month, Reuters reported that blasting operations are expected to begin soon at the Loulo underground mine, signaling a gradual return to full-scale production.
