Mali Renews Barrick’s Loulo-Gounkoto Gold Mining Permit for 10 Years After Resolving Dispute
Mali Extends Barrick’s Loulo-Gounkoto Gold Mining Permit by 10 Years Following Settlement Agreement
Mali’s government has approved a draft decree to renew the gold mining permit for the Loulo-Gounkoto complex, operated by Barrick Gold, for an additional 10 years.
The announcement was made in an official statement issued Friday by the country’s military leadership.
Mali, one of Africa’s largest gold producers, finalized a settlement with Barrick in November after nearly two years of negotiations.
The dispute stemmed from Mali’s 2023 mining code reforms, which increased taxes and expanded the state’s equity participation in mining projects. The reforms prompted tensions over profit-sharing arrangements and operational control of the Loulo-Gounkoto complex.
Under the terms of the agreement, Barrick withdrew its arbitration case filed with the World Bank’s dispute resolution body. In return, the Malian government committed to dropping legal proceedings against the company and its affiliates, releasing detained employees, and restoring full operational control of the mining complex to the Canadian firm.
As part of the permit renewal process, Barrick completed an updated feasibility study. The study confirmed economically viable reserves sufficient to support six years of open-pit mining and 16 years of underground operations.
Average annual gross production is projected at approximately 420,920 ounces of gold.
Located in western Mali, the Loulo-Gounkoto complex is the country’s largest gold-producing asset and Barrick’s most profitable operation globally.
In 2024, the mine generated nearly $900 million in revenue, underscoring its strategic importance to both Mali’s economy and Barrick’s global portfolio.
