Mali Takes Control of Barrick’s Loulo-Gounkoto Gold Mine Amid Tax Dispute
Canada’s Barrick Mining has lost control of its Loulo-Gounkoto gold complex in Mali after a local court appointed a provisional administrator to manage the site for six months.
The decision, announced on Monday, escalates a long-standing conflict between Barrick and the Malian government over taxes and ownership.
Former Malian health minister Soumana Makadji was named provisional administrator by the presiding judge. Barrick said it would appeal the decision and described the ruling as unjust.
“Justice was neither heard, nor served,” said Issaka Keita, one of Barrick’s lawyers, speaking to Reuters.
The dispute has already seen the government block gold exports and seize gold stocks from Barrick’s subsidiaries, actions the company claims are unjustified.
Operations at the Loulo-Gounkoto complex, which represents 14% of Barrick’s total output, have been suspended since January 2025.
Tensions grew after Mali’s government requested the Bamako Commercial Court to appoint an administrator in May, citing its stake in the complex and the need to resume operations amid surging global gold prices.
If reopened, the mine could generate more than $1 billion in revenue within a year, according to Reuters estimates.
However, the standoff may damage Mali’s reputation among international investors. Barrick’s stock dropped 0.7% in early trading Monday in Toronto.
The conflict centers on the implementation of Mali’s revised mining code, which increases taxes and expands the government’s ownership stake in mining projects.
Talks between Barrick and the government have been ongoing since 2023, as they try to finalize a new agreement aligned with the updated law.
Barrick’s license to operate in Mali expires in February 2026. The company, formerly known as Barrick Gold, stopped work at Loulo-Gounkoto in mid-January after the government seized three metric tons of gold and blocked exports in November 2024.
The mine has since been excluded from Barrick’s 2025 production forecast. Despite legal battles, negotiations continue.
Mali has allowed Barrick to repatriate 20% of its earnings to an international account — a privilege not extended to other foreign miners, according to sources close to the matter.
