Mali’s Gold Output Plummets Amid Dispute with Barrick Gold and Policy Shifts
Mali Gold Production Falls 32% in 2025 Due to Barrick Gold Dispute and Regulatory Changes
Mali, one of Africa’s largest gold producers, has experienced a sharp decline in gold production following significant policy changes and ongoing disputes with foreign mining companies.
A recent Mines Ministry report revealed that industrial gold output in the junta-led West African nation fell by 32% year-on-year, amounting to a loss of 26.2 tons of gold by the end of August 2025.
An unnamed ministry official told Reuters that production was 22.5% below the government’s projection of 33.8 tons for the same period. “This means the annual target of 54.7 tons will not be met — largely due to issues with Barrick Gold,” the source said. It remains unclear whether Mali will revise its annual target.
Last year, gold production also declined amid a protracted dispute between Mali and foreign miners, particularly Canadian mining giant Barrick Gold.
Barrick’s Loulo-Gounkoto complex, one of Mali’s most productive mines, produced 578,000 ounces of gold before shutting down from January to July 2025 due to conflicts with Mali’s military administration over taxes and a new mining code.
Operations resumed in July under a government-appointed administrator but are currently running at about 25% of normal capacity. A Barrick source told Reuters that it would take at least four months to restore full production. Access to spare parts remains a major operational constraint.
According to the Mines Ministry, Loulo-Gounkoto is expected to contribute 17.5 tons to Mali’s total gold output in 2025 — despite Barrick removing it from its own projections.
Mali and Barrick Gold Dispute
Since 2023, Mali and Barrick have been negotiating a new mining code that increases taxes and government ownership of mining projects. Disputes intensified in December 2024 when a Malian judge issued an arrest warrant for Barrick CEO Mark Bristow, prompting the company to propose a $370 million settlement.
Tensions escalated further in January 2025, when Mali seized gold reserves from Loulo-Gounkoto, forcing Barrick to halt operations. The shutdown halted exports and led to the imprisonment of four company employees. Barrick has stated that the mine accounted for roughly 15% of its total global output prior to closure.
The conflict escalated in July when Malian military helicopters reportedly landed at Loulo-Gounkoto and removed over one metric ton of gold, according to the mining company.
These ongoing tensions, coupled with regulatory uncertainty, have damaged investor confidence in Mali’s mining sector and significantly reduced production — despite Mali remaining one of Africa’s largest gold producers.
