Barrick Gold shared on April 15 that Mali’s military junta closed the company’s national office in Bamako, the country’s capital, and threatened to expropriate its Loulo-Gounkoto gold complex unless operations resumed and tax payments were made—marking the latest escalation in a long-running dispute. 

The company confirmed that an agreement had been negotiated and accepted by the Malian government in February, appearing to offer a potential resolution to a nearly two-year-long conflict over the Loulo-Gounkoto gold complex, a major earner in the country—the company said in a Dec. 16, 2024 statement that Barrick generated over US$1 billion for Mali’s economy in 2023.  

However, in the April 15 press release, the company stated that while it has signed the agreement, the Malian government has failed to execute it. The company added that the agreement appears to be "obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people." 

Under the terms of the deal, Barrick agreed to pay about US$438 million to Mali. In return, the company’s detained employees would be released, seized gold would be returned, and operations at Loulo-Gounkoto would resume. The company noted in the April 15 press release that it paid US$85 million to the government in October 2024 as part of a framework to resolve the dispute. 

The company stated that it remains committed to finding a constructive resolution but it is also prepared to pursue international arbitration and legal action against the Malian government if necessary. 

The Loulo-Gounkoto complex consists of two separate mines, Loulo and Gounkoto, and the complex is 80 per cent owned by Barrick, while Mali owns a 20 per cent stake. Around 578,000 ounces of gold were produced during 2024 at Loulo-Gounkoto. 

A timeline of the dispute 

January 2023: Mali announced a review of its mining code following a sector-wide audit conducted in 2022, which it said revealed that the country, one of Africa’s largest gold producers, was not receiving a fair share of profits stemming from mining projects. While the revised mining code was initially meant to apply only to new contracts, the government has increasingly sought to renegotiate existing agreements. 

April 2023: Barrick reported that it received a draft report containing preliminary findings from Mali auditors who visited Loulo-Gounkoto in November 2022. Mali asserted that Barrick owed back taxes and should comply with the updated mining code. During the second quarter of 2023, the company responded to the report to challenge the auditors’ findings, which Barrick remarked were "legally and factually flawed." 

August 8, 2023: The revised code was implemented, raising the state's financial stake in mining projects, including Loulo-Gounkoto. Under the new code, the local government is allowed a 10 per cent stake in mining projects, with the option to purchase a further 20 per cent stake within the first two years of commercial production. 

September 27, 2024: Malian authorities briefly detained four senior Barrick employees from Loulo-Gounkoto on allegations of financial crimes.  

October 1, 2024: The four employees were released following the establishment of a tentative agreement between Barrick and Mali.  

November 25, 2024: The same four employees were later arrested and charged with unspecified offenses and have been awaiting trial since then. 

December 5, 2024: It was reported by Reuters that Mali’s military junta issued an arrest warrant for Barrick Gold CEO Mark Bristow, accusing him of money laundering and financial violations. Reuters reportedly saw the warrant on Dec. 4, though the warrant may have been issued earlier. An arrest warrant was also issued for Cheick Abass Coulibaly, the general manager of Loulo-Gounkoto. 

December 16, 2024: Barrick shared that Mali's military junta had blocked gold shipments from the complex.

January 6, 2025: Barrick was restricted from shipping stockpiled gold from the complex. 

January 11, 2025: The local government seized around three tonnes of gold stocks, valued at around US$245 million, from the complex. The gold was then transferred to the state-owned Banque Malienne de Solidarité.  

January 14, 2025: Barrick decided to temporarily suspend operations at the site.  

February 3, 2025: Reuters reported that two former Barrick executives working in Mali were assisting the military-led government in pushing for approximately US$200 million in back taxes from Barrick. 

February 5, 2025: The Globe and Mail reported that Mali introduced a new mining law, which has garnered backlash from several mining companies operating in the country. The new law requires companies to divest a 35 per cent share of new projects to Malian investors, up from 20 per cent, and to increase royalty taxes from around six per cent to 10.5 per cent. Foreign-owned mining companies are concerned the move will deter investors.  

Other foreign-owned operations in Mali 

Other companies with operations in Mali, such as B2Gold, have had more favourable dealings with the government. B2Gold was one of the first foreign mining companies to reach an agreement with Mali over the 2023 revised mining regulations. In September 2024, the company resolved an income tax dispute and agreed to adjust some of its exploration activities to comply with the new rules.  

In contrast, Mali has been placing pressure on other companies to cough up more mining revenue. In November 2024, Mali detained Terry Holohan, the former CEO of Resolute Mining, along with two other employees for nearly two weeks, until Resolute agreed to pay the local government US$160 million to settle a tax dispute. Holohan resigned as CEO in early February.