Barrick Gold has signed a new agreement with the Malian government to resolve a long-running dispute over its mining assets in Mali, including the Loulo-Gounkoto mine, Reuters reported, citing sources familiar with the matter. The deal is awaiting formal approval from the Malian government.
Under the terms of the agreement, Barrick will pay 275 billion CFA (approximately $438 million) to the Malian government. In return, the company will secure the release of detained employees, the return of seized gold, and the resumption of operations at its key Loulo-Gounkoto mine.
Barrick has yet to comment on the matter.
The agreement comes after Barrick had previously suspended its operations at the Loulo-Gounkoto mine, with the company contemplating placing the mine on care and maintenance. The company had also sought arbitration through the International Centre for Settlement of Investment Disputes (ICSID) in December.
Currently, Barrick has excluded the Loulo-Gounkoto mine from its production guidance for the near term, with expectations for production to return to its forecasts by 2027. Despite the dispute, Barrick reported strong performance in the fourth quarter of 2024, with a 15% rise in gold production and a 33% increase in copper output, enabling the company to meet its annual production goals.
