Barrick reaches settlement in gold mining dispute with Mali

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Barrick Mining said on Monday it had reached a deal to end a long-running dispute with Mali’s government that led to the miner losing control of one of its most productive assets and the arrest of some of its workers.

Barrick, one of the world’s largest gold producers, had been locked in a disagreement with the Malian government since the introduction of a new mining code in 2023.

The deal will allow Barrick to regain its Loulo and Gounkoto mines in the west African country, it said in a statement, adding that it would end its arbitration proceedings against the government.

“All charges brought against Barrick, its affiliates and employees will be dropped and the legal steps for the release of the four detained Barrick employees will be undertaken,” the company said.

Shares in Barrick were up 6 per cent in Toronto.

The deal comes just two weeks after Barrick’s interim chief executive, Mark Hill, vowed to reset talks with the government in order to secure the release of its employees. Hill took the top job on a temporary basis after the sudden departure of long-term CEO Mark Bristow in September.

The crisis over the Loulo-Gounkoto complex escalated this year as relations between the company and the government deteriorated, and lawmakers eventually took it over. That led to the gold miner launching an arbitration claim against Mali.

Barrick said the agreement would “pave the way for a constructive path forward”. Hill told the Financial Times earlier this month that Barrick had “changed our script” in its approach to dealing with the government in Bamako.

A spokesperson for Mali’s government did not immediately respond to a request for comment.

The Malian government is among several military regimes in the Sahel region of Africa that have turned to more aggressive tactics in order to gain more control over their domestic critical mineral supplies.

More interventionist steps taken by policymakers in Mali, Niger and Burkina Faso have included the rewriting of mining laws and demands for higher tax payments and larger ownership stakes in mines.