Mali Government Renews Barrick Mining’s Loulo Gold Licence for Ten More Years After Dispute Resolution

Bamako, Mali — The government of Mali has officially renewed Barrick Mining’s licence for the Loulo-Gounkoto gold mine gold operation for an additional ten years, marking a significant breakthrough in relations between the West African nation and the Canadian miner.

The renewal comes after a prolonged two-year dispute over profit sharing, taxation and control of the Loulo-Gounkoto complex that began with the introduction of Mali’s 2023 mining code. The code increased state taxes and expanded Mali’s ownership share in mining projects, leading to tensions with Barrick and the suspension of operations in early 2025.

Under the deal reached late last year, Barrick agreed to withdraw its arbitration case at the World Bank’s dispute tribunal, while Mali pledged to drop all charges against the company and release detained employees. Operational control of the complex was handed back to Barrick as part of the settlement.

A recent feasibility study has identified economically viable reserves supporting about six more years of open-pit mining and 16 years of underground extraction at Loulo, with gross annual production estimated at over 420,000 ounces of gold. The complex is Mali’s largest gold producer and was responsible for nearly $900 million in revenue in 2024, underscoring its importance to both Barrick and the national economy.

The extension signals a more collaborative approach to mining policy in Mali, with the government and foreign investors working to balance regulatory interests with operational stability — a key factor for maintaining investment in Africa’s gold sector.