Mali Court Postpones Decision On Barrick Gold’s Loulo-Gounkoto Mines.
A Malian court has deferred a critical hearing to determine whether Barrick Mining’s Loulo-Gounkoto gold complex will be placed under provisional administration, marking the third postponement in the ongoing dispute between the Canadian mining giant and Mali’s military-led government. The hearing, initially set for Monday, 2 June, is now scheduled for Wednesday, 5 June, according to the court’s registry office and a lawyer involved in the case, as reported by Reuters.
The conflict, which has halted operations at the gold complex since January, centres on disagreements over Mali’s 2023 mining code, which increases taxes and grants the government a greater share of mining profits. Mali, holding a 20% stake in the Loulo-Gounkoto complex, accuses Barrick of failing to meet tax obligations, leading to the seizure of approximately three tonnes of gold, valued at around $317 million, in January. The government has also blocked Barrick’s gold exports since November 2024, prompting the company to suspend operations.
Mali’s request for provisional administration, filed with the Tribunal de Commerce in Bamako, seeks to appoint an interim administrator to restart operations at the mines. Such a move would escalate tensions significantly, with some legal experts suggesting it could be an attempt to expropriate Barrick’s assets. Barrick, which owns 80% of the complex, denies any wrongdoing and insists it can only resume operations once export restrictions are lifted. The company has invested over $10 billion in Mali over nearly three decades and employs 8,000 workers, arguing that its existing agreements should not fall under the new mining code.
The dispute has seen further complications, with four Barrick employees detained since November 2024 and an arrest warrant issued for CEO Mark Bristow in December. Despite negotiations for a memorandum of understanding, described by Bristow as having neared agreement three times, a resolution remains elusive. In February, Barrick offered to pay $438 million to secure the release of its managers and seized gold, but the deal stalled when the government claimed the wrong document was signed.
Barrick has also pursued international arbitration through the International Centre for Settlement of Investment Disputes (ICSID), registered in January 2025, to challenge Mali’s actions. The company has publicly opposed the provisional administration request, calling it “without precedent or lawful justification” and a violation of its rights under Malian law and existing agreements.
The adjournment has delayed a decision that could reshape Mali’s mining sector, especially as the government has successfully renegotiated terms with other multinational miners under the new code.
With gold prices surging 28.5% this year, reaching a record $3,500.05 per ounce in April, the stakes are high for both parties. As the court prepares for the rescheduled hearing, the outcome will likely have significant implications for Mali’s mining industry and Barrick’s operations in the region.
