Barrick Mining has reached an agreement with Mali's government to resolve their dispute over the Loulo-Gounkoto complex, following a year of escalating tensions. Mining Journal made a timeline of Barrick's dispute with Mali.
Barrick Mining has reached an agreement with Mali's government to resolve their dispute over the Loulo-Gounkoto complex, following a year of escalating tensions.On Monday, Barrick said it had entered into an agreement with the government of Mali to end all disputes.
All charges brought against Barrick will be dropped, and legal steps for the release of four detained Barrick employees will begin. Mali also agreed to end the provisional administration of Loulo-Gounkoto, and operational control will be handed back to Barrick.The Canadian miner, meanwhile, has agreed to withdraw its arbitration claims it filed with the International Centre for Settlement of Investment Disputes .Additionally, Barrick is reported to have agreed to pay 244 billion CFA, or US$430 million, Bloomberg reported on Tuesday, citing unnamed sources.Barrick Mining said it had no comment beyond what has been stated in the company's press release.The dispute between Barrick and the government of Mali began over alleged unpaid taxes. Tensions between the Canadian miner and the government escalated at the end of 2024, as negotiations over implementing the 2023 mining code failed.Following the failed negotiations, Mali arrested four local Barrick employees in November 2024 – who are still detained to this day – and issued an arrest warrant for former chief executive Mark Bristow.In early 2025, Barrick suspended operations at Loulo-Gounkoto, after which Mali said it would take over and restart production at the mine.In the results call for the September quarter, interim chief executive Mark Hill already said that he wanted to restart talks with the government of Mali to get the four workers released, adding that the company has "changed our script" in the country to accelerate the release of the employees."Having four people in jail for 11 months is not acceptable," Hill said.Board changesMeanwhile, Barrick announced changes to its board on Wednesday, with Ben van Beurden stepping down as a director of the board and lead independent director. Van Beurden took up the role of lead independent director just two months ago, having accepted the role in August.Current non-executive director Loreto Silva will succeed Van Beurden as lead independent director.
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