Mali Takes Over Major Gold Mine, Pushes for Greater Sovereignty in Mining Sector

First brick of Mali’s new refinery laid by President Goïta. Photo: Presidency of Mali

June 16, Bamako — The Malian government has assumed temporary control of the Loulo-Gounkoto gold mining complex, one of the world’s largest gold-producing sites, amid an escalating dispute with Canadian operator Barrick Gold. The decision, issued by the Commercial Court of Bamako, places the mine under provisional state administration and signals a broader shift in Mali’s approach to its mining resources.

Authorities claim the mining giant has benefited from legacy contracts that no longer serve Mali’s interests and accuse it of unpaid taxes. In protest, Barrick has vowed to challenge the court’s decision, though it acknowledged that day-to-day operations have now shifted to an appointed administrator.

Former Health Minister Zoumana Makadji has been tasked with overseeing the complex, as Mali prepares to implement a new mining code in 2024. Government officials described the move as a strategic effort to safeguard national economic interests and maintain continuity at a site that generates a substantial share of Barrick’s global revenues—roughly 14%. Mali itself owns a 20% stake in the operation.

The tensions have been building for months. In May, Malian authorities formally requested new management at the mine, citing favorable global gold prices and the country’s need for greater control over its resources. An arrest warrant was issued in late 2024 for Barrick CEO Mark Bristow, and the company has since shuttered its offices in Bamako. Amid negotiations, Barrick has offered $370 million to the Malian state in an attempt to settle the conflict.

But the move is part of a wider pattern. Under the leadership of Colonel Assimi Goïta, Mali has ramped up pressure on foreign firms as it recalibrates its economic strategy. As a member of the Alliance of Sahel States (AES)—alongside Burkina Faso and Niger—the country is signaling a broader push for regional sovereignty in the extractive industries.

A New Chapter: Mali Launches First State-Owned Gold Refinery

Coinciding with the mine handover, Mali broke ground on a new state-run gold refinery—the first of its kind in West Africa. Developed in collaboration with Russian firm Yadran Group, the refinery, located in Senou outside Bamako, will eventually process up to 200 tons of gold annually.

President Assimi Goïta, speaking at the groundbreaking ceremony, hailed the project as a turning point in Mali’s efforts to retain greater value from its mineral wealth. “This is a long-awaited dream of the Malian people,” he declared before laying the refinery’s first brick.

Yadran’s chairman, Irek Salikhov, praised the partnership and said the facility would serve not only Mali but neighboring countries as well, reinforcing regional capacity in gold refining and ending long-standing dependence on foreign smelters.

Though no completion date has been announced, the initiative underscores Mali’s accelerating bid to gain sovereign command over its mineral production chain.

Source:Brasil de Fato.