Mali Judge Orders Return of $400M Gold to Barrick Mining

By John Pranay (Editor)

A Malian judge has ordered the return of approximately 3 tonnes of gold worth $400 million to Canada's Barrick Mining, bringing an end to a year-long dispute over the company's operations in the West African nation. The gold was seized by authorities in January 2025 after Barrick halted production at its Loulo-Gounkoto mine in response to a revised mining code introduced by Mali's military government. The dispute had led to the detention of four company employees since November 2024.

The dispute began in 2023 when Mali's military government introduced a revised mining code that increased the state's share of mining revenues and tightened regulations. In response, Barrick halted production at Loulo-Gounkoto in January 2025. Tensions escalated when authorities seized three tonnes of gold from the mine, which remained in a Bamako vault for nearly a year. The Malian judge's order to return the gold was made last week, paving the way for Barrick to resume production at the mine.

Barrick's Loulo-Gounkoto mine is one of Africa's largest gold mines, producing approximately 723,000 ounces in 2024, which accounted for about 15% of Barrick's attributable gold production. The mine's resumption of production is expected to boost Barrick's gold output and revenue.

• January 2025: Barrick halts production at Loulo-Gounkoto mine in response to Mali's revised mining code.

• November 2024: Four company employees are detained by authorities.

• January 2023: Mali's military government introduces revised mining code.

• December 18, 2025: Malian judge orders return of gold to Barrick Mining.

• November 10, 2025: Barrick releases Q3 2025 results, showing record operating cash flow of $2.4 billion and free cash flow of $1.5 billion.

The return of the gold to Barrick Mining is expected to have a positive impact on the company's financials and operations. The Malian government will receive approximately 244 billion CFA francs ($365 million) to settle retrospective tax claims and penalties. The agreement also includes the discontinuation of all proceedings against company representatives and the release of the four detained employees.

The dispute has had a significant impact on the local community, with many relying on the mine for employment and economic opportunities. The resumption of production is expected to bring relief to the community and boost economic activity in the region.

The dispute between Barrick Mining and the Malian government highlights the complexities and challenges faced by mining companies operating in Africa. The revised mining code introduced by Mali's military government was aimed at increasing the state's share of mining revenues and tightening regulations. However, the code was seen as overly restrictive by many mining companies, including Barrick.

The agreement reached between Barrick and the Malian government is a significant development in the company's efforts to resolve the dispute and resume production at the Loulo-Gounkoto mine. The agreement also marks a significant shift in the company's strategy, with Barrick announcing its intention to explore a potential initial public offering (IPO) for a subsidiary housing core North American gold assets.

The pace of change in the mining industry is accelerating, with companies like Barrick facing increasing pressure to adapt to changing regulations and market conditions. The revised mining code introduced by Mali's military government is a prime example of this trend, with many African countries seeking to increase their share of mining revenues and tighten regulations.

Crucially, this overlooks the long-term consequences of such policies, which can lead to a decline in mining investment and output. The Malian government's decision to introduce the revised mining code and seize the gold from Barrick's mine is a prime example of this trend, with the dispute having a significant impact on the company's operations and financials.

This suggests that companies like Barrick must be proactive in navigating the complex regulatory landscape and adapting to changing market conditions. The company's decision to explore a potential IPO for a subsidiary housing core North American gold assets is a significant step in this direction, allowing the company to tap into new sources of capital and strengthen its financial position.

Our internal tone gauge currently reads: Bullish for this development.

1. Barrick Gold Secures Critical Mali Agreement and Reclaims Key Mine — https://www.newscase.com/barrick-gold-secures-critical-mali-agreement-and-reclaims-key-mine/

Methodology: This analysis combines real-time data aggregation from manually selected global sources with advanced AI synthesis, engineered to provide neutral and data-driven insights.