Barrick in Talks to Regain Control of Giant Gold Mine in Mali

(Bloomberg) -- Barrick Mining Corp. is in negotiations with Mali’s government to end a two-year dispute that shuttered the company’s giant gold mine and landed employees in jail, according to people with knowledge of the matter.

Representatives of the Canadian mining company met with Mali authorities Friday to hammer out terms of a deal for the Loulo-Gounkoto operation, said the people, who asked not to be named discussing private conversations. The parties are close to finalizing a deal, one of the people said.

If an agreement is reached it would mark the end of a dispute that’s weighed on Barrick for more than a year. The company and Mali’s military leadership had long clashed over a new mining code and government demand for millions in alleged back taxes. 

Under the proposed arrangement, Barrick would accept the mining code and regain control of the mine, the people said. 

The Toronto-based company didn’t immediately respond to requests for comment. A government spokesperson didn’t respond to calls and a text seeking comment late Friday. A spokesman for the mining ministry couldn’t be reached for comment.

Barrick shuttered the mining complex in January after the West African nation blocked exports, seized gold and detained senior employees. In September, operations restarted at the mine under state management, after a Mali administrator took over the asset in June. A deal would see the release of the detained employees.

Loulo-Gounkoto – which produced 723,000 ounces of gold in 2024 – is one of Barrick’s most important assets. The temporary seizure of the mine has meant the Canadian firm has been unable to fully capitalize on bullion’s record-breaking rally this year.

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