Mali Moves to Restart Loulo-Gounkoto Gold Mine Under State Oversight

Loulo-Gounkoto operation. (Image courtesy of Barrick Gold).

Mali is preparing to resume operations at Barrick Gold’s Loulo-Gounkoto gold complex under the supervision of a court-appointed administrator, following the government’s recent takeover of the site.

The decision stems from a ruling by Mali’s Tribunal de Commerce on June 16, which suspended Barrick’s management of the mine—one of the Canadian company’s most valuable assets—amid a dispute over unpaid taxes and the country’s updated mining code. The court placed the mine under temporary state control for six months and named former health minister Soumana Makadji as the interim administrator.

Barrick had halted operations in January after Malian authorities blocked gold exports, detained employees, and confiscated three tonnes of bullion. On June 24, the company’s Bamako office was reopened under Makadji’s oversight.

Mines Minister Amadou Keita emphasized the need to protect workers and infrastructure, stating that the administrator would resume production, ensure wages are paid, and contribute to the national economy.

The dispute traces back to Mali’s 2023 mining code, which increased royalties and expanded state ownership in mining ventures. Barrick has challenged the new terms, citing protections under existing agreements, and has launched arbitration proceedings through the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).

Due to the ongoing conflict, Barrick excluded Loulo-Gounkoto from its 2025 production forecast. The mine had been expected to produce around 250,000 ounces of gold this year and accounted for over 720,000 ounces in 2024. Its permits are set to expire in February 2026.