Mali Accuses Barrick Gold of Violating Agreement Amid Revenue Negotiations
Mali has accused Barrick Gold of failing to meet commitments made in a recent agreement. The Canadian mining company, which operates the Loulo-Gounkoto gold mines in Mali, denied any wrongdoing on Thursday.
Barrick, the world’s second-largest gold miner, announced on September 30 that it had reached an agreement with Mali’s government to settle disputes over the Loulo and Gounkoto mines. This announcement followed the brief detention of four Malian employees by authorities.
However, in a joint statement dated October 23, Mali’s economy and mines ministries claimed Barrick had not fulfilled certain commitments from the agreement, citing breaches related to environmental and corporate social responsibility, as well as foreign exchange regulations.
The ministries warned that these issues posed “serious risks” to Barrick’s operations in Mali, noting that one of its mining licenses is set to expire in early 2026. They indicated that the government might pursue legal actions in response to Barrick’s conduct.
In response, Barrick denied the allegations, stating that since September 30, it has been in active discussions with the government to reach a resolution that would include a larger share of economic benefits for the state from the Loulo-Gounkoto complex.
“While Barrick does not accept any claims of wrongdoing, it has chosen to act in good faith as a long-standing partner of Mali,” the company said, noting it had paid the government $85 million in early October as part of ongoing negotiations.
Earlier this month, sources revealed that Mali’s military government was seeking at least 300 billion CFA francs ($512 million) in outstanding taxes and dividends from Barrick. A Barrick spokesperson commented that negotiations were ongoing.
These financial demands come after a recent audit of mining contracts, followed by Mali’s push to renegotiate terms with foreign mining firms to retain a larger portion of mining revenues within the country under its new mining code.
