Mali to Sell $107M in Gold from Barrick to Fund Loulo-Gounkoto Mine Restart

Mali plans to sell $107 million worth of gold from Barrick Mining’s Loulo-Gounkoto complex to restart operations. The gold, stored at the mine, totals one metric ton. Funds will cover operational costs, including salaries, fuel, and contractor payments. The mine had been suspended earlier this year due to a dispute between Barrick and the Malian government. This is one of Barrick’s most important assets, and its suspension has led to significant financial and operational challenges.

Soumana Makadji, appointed by the court as the mine’s administrator, leads the restart efforts. He works alongside Samba Toure, the chairman of Mali’s state mining company, to ensure a smooth process. The mine has resumed production, but it may take several months before operations reach normal levels. This restart is crucial for Mali’s economy, though experts predict it will take up to four months to ramp up production fully.

Legal and Political Tensions Surround Loulo-Gounkoto

The Loulo-Gounkoto complex has become a focal point in the ongoing dispute between Barrick and Mali’s government. Tensions began with the introduction of a new mining code in 2023. The situation worsened in late 2024 when Mali blocked Barrick’s gold exports, seized its stockpiled gold, and detained staff. These actions led to the mine’s suspension in early 2025.

In May 2025, the Malian government requested that the court place the mine under provisional administration. The court granted this request and appointed Makadji as administrator for six months. Barrick CEO Mark Bristow announced that the company would challenge these actions in international courts. Bristow raised concerns over Mali’s ability to manage the mine, citing potential long-term damage to the operation’s prospects.

SuperMetalPrice Commentary:

The Loulo-Gounkoto situation underscores the growing friction between multinational mining companies and local governments. Mali’s decision to sell gold from the site raises doubts about the long-term viability of operations under state control. While restarting the mine is essential for the country’s economy, the political and legal struggles could undermine stability. Barrick’s commitment to legal action complicates matters further. As this dispute unfolds, investors will closely monitor its impact on future mining ventures in Mali and similar regions.