Malian soldiers stormed one of the country’s largest gold mines in Loulo-Gounkoto complex by helicopter, seizing three tonnes of gold on the orders of the military government.
The operation at the complex—80% owned by Canadian firm Barrick Gold, marks the latest move by the military-led governments of Mali, Burkina Faso, and Niger to assert greater control over their mineral resources.
Global Mining Companies Under Pressure
Miners at the complex reported that soldiers arrived without warning, confiscated phones from those attempting to record the raid, and flew the gold—valued between $260 million and $290 million—back to Bamako.
The seizure followed weeks of tensions between Malian authorities and Barrick Gold. The government has also accused the company of owing hundreds of millions of dollars in unpaid taxes.
In November 2024, authorities arrested four local Barrick Gold employees and, in a separate case, detained executives from Australian firm Resolute Mining before reaching a $160 million settlement.
Other foreign companies, including Canada’s Allied Gold, B2Gold, and Robex, have also come under pressure to revise contracts and settle tax disputes.

Sahel Juntas Move to Nationalise Resource Revenues
Military governments in the Sahel have ramped up efforts to renegotiate foreign mining contracts, arguing that past agreements were unfair.
Gold mining contributes around 25% of Mali’s national budget and 14% of Burkina Faso’s revenue. Mali’s junta claims it has recovered more than $1 billion through renegotiations and expects annual mining revenues to increase by nearly $950 million—about 20% of the national budget.
Burkina Faso’s government took a similar approach last year when it requisitioned 200 kilograms of gold from a Canadian mining company. In 2023, Niger’s junta seized control of a French nuclear firm’s uranium mining operations.
Nina Wilen, Africa director at the Egmont Institute, noted that the juntas are capitalising on public sentiment by promoting sovereignty, rejecting Western influence, and seeking alternative partners. While some experts warn that the approach could deter foreign investment, others believe new players—including China, Russia, and Turkey—are ready to step in.
“New private partners are arriving from everywhere,” said Malian mining engineer Oumar Baba Sy. “Nobody has a monopoly[…]If you don’t want to invest in these countries, others will.”