Mali Seeks Court-Ordered Takeover of Barrick’s Gold Mines Amid Ongoing Dispute
DAKAR/TORONTO – A court in Mali is set to hear a request from the country’s military government on Thursday to place Barrick’s Loulo-Gounkoto gold mine under provisional administration, a move that could significantly escalate the ongoing dispute between the Canadian miner and the West African state.
The conflict, which began in 2023, centers on tax claims and disagreements over a new mining code that increases government royalties and ownership stakes.
Operations at the Loulo-Gounkoto complex were suspended in January after the government seized around 3 metric tons of gold—valued at approximately $317 million—over alleged unpaid taxes and began blocking exports in November 2023.
Souleymane Maïga, vice president of the Tribunal de Commerce in Bamako, confirmed that Thursday’s session will initiate the case’s filing and preparation process.
Three sources told Reuters that the court may soon decide whether to grant the government’s request to install a new interim management team to reopen and operate the mines.
Barrick, formerly known as Barrick Gold, has insisted that operations can only resume if the government lifts export restrictions.
The company disclosed in a May 7 earnings update that it had received a formal notice on April 17 threatening provisional management unless production resumed by April 20.
The government, which owns a 20% stake in the mine, made the court filing to reestablish operations under state-appointed management, sources said. If approved, the court would name a new team to take over mine operations.
Efforts to resolve the standoff have included negotiations for a memorandum of understanding. Barrick CEO Mark Bristow stated earlier this month that the parties had nearly reached a deal on three occasions.
In February, Reuters reported that Barrick had agreed to pay 275 billion CFA francs (about $438 million) in exchange for the release of four detained managers and the seized gold.
However, the Malian government declined to approve the deal, reportedly claiming Barrick had signed the wrong version of the agreement.
Another source said the government is now seeking additional payment to cover taxes allegedly owed during the shutdown.
In December 2024, Barrick initiated international arbitration proceedings against Mali. A lawyer familiar with the situation suggested that the push for provisional administration could be an attempt to expropriate Barrick’s assets.
Neither Barrick nor Mali’s Ministry of Mines has responded to requests for comment.
