Canadian mining giant, Barrick Gold resumes control at one of Africa’s largest gold mines after $430m settlement

Barrick Gold has resumed operational control of its Loulo-Gounkoto gold mining complex in Mali, resolving a two-year dispute with the country’s military government. The dispute stemmed from disagreements over mining revenues and regulatory authority, escalating when Malian authorities seized approximately three metric tonnes of Barrick’s gold, valued at around $400 million. A Malian judge subsequently ordered the return of the gold, and the government dropped charges against the company and released detained employees.

The Loulo-Gounkoto complex is a significant contributor to Mali’s economy, producing around 723,000 ounces of gold in 2024 and accounting for over 70% of the country’s exports. The settlement removes a major obstacle for Barrick, allowing it to prioritize safety and operational training.

This resolution is particularly noteworthy as it comes amid a trend of increasing resource nationalism in Africa, where governments are seeking greater control over their mineral resources. Barrick’s return to control also aligns with the company’s strategic shift towards a sharper focus on North America, including plans for an IPO of its North American business.

(Source：Business Insider)