New threats in Mali as Barrick mulls Loulo-Gounkoto’s viability
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New threats in Mali as Barrick mulls Loulo-Gounkoto’s viability
The viability of one of Mali’s most strategic mining assets is at risk
Departments within the government of Mali has closed Barrick’s Bamako office and is threatening to place the Loulo-Gounkoto mine under provisional administration unless the mine was re-opened, and tax payments were made even though gold exports remain blocked.
In a statement released last night Barrick says that the government continues to obstruct gold exports while simultaneously demanding tax payments on revenue it has actively prevented from being realised.
Loulo-Gounkoto’s viability questioned
This means that the long-term viability of one of Mali’s most strategic mining assets and a key contributor to the national economy is at risk.
Barrick and the government of Mali reached an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025.
In October 2024, the company agreed to a framework aimed at achieving a comprehensive resolution of all outstanding disputes and paid USD85-million as part of the ongoing negotiations.
Despite this, the government subsequently took a series of escalatory actions, including the arrest of Barrick employees — who remain unfairly in detention and the suspension of gold shipments.
Barrick seeks constructive solution
More recently, although Barrick signed the agreement presented by the government as requested in February, the Government has failed to execute it.
Its conclusion now 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.
Barrick states that the company continues to seek a constructive solution, but that it remains prepared to pursue international arbitration and legal remedies against the government and any individuals or entities, acting in bad faith.
Read more about the political risks in Africa, gold mining in Africa and the geopolitics shaping the business environment on the WhyAfrica website.
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New threats in Mali as Barrick mulls Loulo-Gounkoto’s viability