Mali’s government has approved a draft decree renewing the mining permit for the Loulo-Gounkoto gold complex operated by Canadian giant Barrick Gold for another decade.
The announcement, made by the country’s military leadership on Friday, follows the resolution of a protracted dispute between the state and the company.
The nearly two-year disagreement stemmed from Mali’s 2023 mining code, which raised taxes and expanded the government’s ownership stake in mining ventures.
Tensions escalated over profit-sharing terms and operational control of the Loulo-Gounkoto complex, one of the country’s most valuable economic assets.
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A settlement reached in November paved the way for the renewal.
Under the agreement, Barrick withdrew its arbitration case filed at the World Bank’s dispute tribunal, while the Malian government agreed to drop charges against the company and its affiliates, release detained employees and restore full operational control of the site to the miner.
As part of the renewal process, Barrick carried out a new feasibility study that identified sufficient reserves to sustain six years of open-pit mining and an additional 16 years of underground operations.
The company estimates annual production at approximately 420,920 ounces of gold under the updated plan.
Located in western Mali, the Loulo-Gounkoto complex is the country’s largest gold-producing site and ranks among Africa’s major mining operations.
The integrated Loulo and Gounkoto mines produced about 723,000 ounces of gold in 2024, generating nearly $900 million in revenue.
The complex remains a critical contributor to Mali’s export earnings and stands as Barrick’s most profitable asset globally.
The renewal signals a reset in relations between Mali’s authorities and one of its biggest foreign investors, at a time when the country is seeking to maximise returns from its natural resources while maintaining investor confidence.
