Mali to Restart Production at Loulo-Gounkoto Gold Mine Amid Dispute with Barrick

Mali Moves to Restart Loulo-Gounkoto Gold Mine Under Temporary Administrator

Mali has announced plans to restart production at the Loulo-Gounkoto gold mine, one of Barrick Gold’s most significant assets, following a legal dispute over mining rights and taxes. On June 16, the country’s Tribunal de Commerce suspended Barrick’s management of the complex and appointed former health minister Soumana Makadji as temporary administrator.

The mine, located in western Mali, ceased operations in January 2025 after authorities blocked exports, seized three tonnes of gold bullion, and detained company personnel. This week, officials reopened Barrick’s Bamako office, signaling a push to resume output. Mali’s Mines Minister Amadou Keita stated the restart aims to “protect workers, factories, and produce gold for the national economy.”

The administrator’s role includes restarting operations, resuming wage payments, and restoring gold production. This development marks a significant turn in a months-long conflict between Barrick and the Malian government.

Focus Keyphrase: Loulo-Gounkoto Gold Mine Dispute Escalates Over Mining Code

The Loulo-Gounkoto gold mine dispute traces back to Mali’s new mining code, implemented in 2023. The new legislation raises royalty rates and increases the state’s share in mining projects. Barrick has rejected these changes, asserting that pre-existing agreements should remain in force. The Canadian miner has launched arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).

In response to the standoff, Barrick removed the Loulo-Gounkoto mine from its 2025 production guidance. The complex, which accounted for roughly 14% of Barrick’s expected output, was forecasted to produce 250,000 ounces this year. In 2024 alone, it contributed over 720,000 ounces to Barrick’s total gold production.

Permits for the mine are due for renewal by February 2026, adding further urgency to negotiations. Meanwhile, the Malian government appears determined to continue operations independently during the interim.

SuperMetalPrice Commentary:

The Loulo-Gounkoto situation reflects broader tensions in African mining jurisdictions where governments seek greater control over resources. Investors should monitor developments closely, especially as arbitration outcomes may influence future mining contracts across the continent. Barrick’s arbitration strategy, if successful, could set an important precedent for international miners operating under legacy agreements.