Two well-placed sources have confirmed that Canadian mining giant Barrick Gold and the government of Mali have reached a preliminary verbal agreement to resolve the ongoing dispute over the Loulo-Gounkoto gold mining complex.
The breakthrough came during talks held last Friday at the request of the company’s interim CEO, Mark Hill, one week after he sent an official letter calling for the resumption of negotiations.
Under the emerging deal, the mine’s licence will be renewed for ten years, four detained company employees will be released, three tonnes of seized gold will be returned, and Barrick will drop its international arbitration claims.
The dispute erupted in 2023 following the implementation of Mali’s new mining code, which grants the government a larger stake in gold operations and increases taxation — prompting the company to halt production at the site since January.
