The ongoing standoff between Mali’s military-led government and Canadian mining giant Barrick Mining has intensified, as a Malian court adjourned until Thursday, June 5. This critical hearing could determine whether the company’s Loulo-Gounkoto gold complex will be placed under provisional administration.
The decision could mark a turning point in a long-running dispute over tax obligations, mining rights, and ownership of one of West Africa’s most lucrative gold operations. According to both the Bamako court registry and a lawyer involved in the case, the hearing will resume later this week, with potential ramifications for foreign investment in the region’s mining sector.
Barrick Mining, formerly known as Barrick Gold, has been at odds with Mali’s ruling authorities since 2023, following the introduction of a sweeping new mining code. The legislation increased taxes and boosted the state’s share in mining projects, prompting tension with multinational operators. The dispute reached a climax in January 2025 when Mali seized approximately three metric tons of gold from the Loulo-Gounkoto complex, citing unpaid taxes.
Since early November 2024, the government has blocked Barrick’s gold exports. The company, for its part, has suspended operations, stating it will only resume once export restrictions are lifted. The Loulo-Gounkoto site, located in western Mali, is one of the largest gold-producing complexes in Africa.
Mali, where gold is a key export, is seeking to redefine the balance of power in its mining industry. Authorities have asked the Bamako Commercial Court to appoint a provisional administrator to oversee Barrick’s operations during negotiations, a move that industry observers view as a dramatic escalation.
Mali Court Fight Reflects Deeper Resource Strategy
The push for control ties into a broader strategy by Mali’s government to assert ownership over the country’s natural wealth. “The government wants Barrick to migrate to the 2023 mining code,” said two individuals close to the matter. This demand remains the central sticking point in ongoing discussions.
Mali has already renegotiated agreements with other foreign miners to align with the new code. However, the situation with Barrick has proven more volatile. Tensions worsened in late 2024 when four Barrick employees were detained, and in December, an arrest warrant was issued for CEO Mark Bristow. The company has rejected the accusations against its personnel, which court documents claim include “money laundering and financing of terrorism.”
The reforms embedded in the 2023 Mining Code are sweeping. The legislation raises the state’s initial stake in mining projects to 10%, with the potential to expand it to 30%. It also reserves a 5% share for Malian private sector actors. The government projects that these changes could increase public revenues by roughly $784 million.
The code also emphasizes local development. It requires companies to invest in community projects, employ Malian workers, and prioritize domestic suppliers. These policies aim to convert Mali’s mining wealth into tangible benefits for its population, especially as the country grapples with economic challenges and insecurity in northern regions.
Further signaling this policy shift, Mali recently completed the nationalization of the Yatela gold mine, formerly owned by AngloGold Ashanti and Iamgold. The mine, inactive since 2016 due to low prices, was acquired by the government for a symbolic one franc. Authorities also secured $36 million for closure and environmental rehabilitation costs.
While the government champions these reforms as steps toward economic sovereignty and fairness, critics point to ongoing risks. Informal artisanal mining continues to thrive outside regulatory frameworks, environmental degradation persists, and the threat of violence in the country’s north complicates enforcement efforts.
As such, the Loulo-Gounkoto case stands as a key test of Mali’s determination to reshape its mining industry. With gold prices surging nearly 28.5% in 2025 and hitting a record $3,500.05 per ounce in April, the stakes — both economic and political — have never been higher.
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