Authorities in Mali have closed the Bamako office of Canadian mining firm Barrick Gold, intensifying a dispute over alleged unpaid taxes linked to operations at the Loulo-Gounkoto gold mine—one of the largest in the world.
The conflict centres around Barrick’s 80 percent stake in the Loulo-Gounkoto complex, located in western Mali, with the Malian government holding the remaining 20 percent. Tensions have mounted in recent weeks between the Toronto-based miner and the country’s military-led regime, which accuses Barrick of failing to meet its tax obligations.
Since assuming power in 2021, Mali’s ruling junta has tightened controls over its vital mining industry in a bid to enhance economic sovereignty. A revised mining code introduced last year significantly increases the government’s share of profits from mineral extraction.
In a statement issued to AFP, Barrick stated that it had been in “good faith” negotiations with the government to finalise a tax settlement that had already been agreed with the Ministry of Finance in February 2025. The company said it had paid $85 million in October 2024 as part of efforts to resolve lingering disputes, but despite this payment, the situation has escalated further.
According to Barrick, Malian authorities have taken a series of aggressive actions, including arresting and continuing to detain four local employees since November, suspending gold shipments, and seizing three tonnes of gold in January. Arrest warrants were also issued in December for Barrick’s South African Chief Executive Officer and the Malian general manager of the Loulo-Gounkoto site, citing allegations of money laundering.
Barrick described the dispute as being fuelled by “a small group of individuals placing personal or political interests above the long-term interests of Mali and its people,” and confirmed that its gold exports remain halted.
Despite the rising tensions, the company said it remains committed to the terms of the February agreement and is prepared to resume full operations at Loulo-Gounkoto immediately.
The mine, situated close to the Senegalese border, began producing gold from underground sources in 2011 after initial open-pit mining started two decades ago. The site is estimated to hold over seven million ounces in gold reserves.
Figures from Mining Technology reveal that in 2023 alone, the complex contributed approximately $1 billion to Mali’s economy.
