Mali has renewed the mining licence for the Loulo-Gounkoto gold complex operated by Barrick Mining for an additional 10 years, bringing an end to a prolonged dispute between the government and the Canadian miner. The decision provides operational certainty for one of West Africa’s largest gold assets, as reported by Reuters.
The renewal follows negotiations tied to Mali’s 2023 mining code, which increased taxes and expanded the state’s ownership stakes in mining projects. As part of the agreement, Barrick agreed to withdraw its arbitration case at the World Bank’s dispute resolution body, while Malian authorities dropped charges against the company and restored full operational control of the mine, according to mining.com.
A revised feasibility study supported the extension, identifying sufficient reserves to sustain several more years of open-pit mining and over a decade of underground operations. The Loulo-Gounkoto complex remains Mali’s largest gold-producing operation and a critical source of government revenue, foreign exchange earnings and employment.
The agreement signals improved relations between Bamako and international mining investors after a period of heightened regulatory tensions. With the licence now secured for the long term, both the Malian government and Barrick are positioned to benefit from sustained gold output and greater fiscal stability in the sector.
