Mali’s military government has approved a 10-year extension for Barrick Mining’s Loulo gold mining permit, marking the conclusion of a contentious two-year dispute over profit-sharing and operational control. The conflict began when Mali’s 2023 mining code raised taxes and increased state ownership in projects, prompting Barrick to file arbitration at the World Bank’s dispute tribunal. In November, Barrick agreed to withdraw its legal case, and in return, Mali dropped all charges, released company employees, and restored operational control of the mine to the company. A new feasibility study now confirms more than two decades of viable production, projecting six years of open-pit mining and 16 years of underground operations, with an expected annual output of 420,920 ounces. The complex, Mali’s largest gold producer and Barrick’s most profitable mine, generated nearly $900 million in revenue in 2024, underscoring its significance to both sides.
Reuters
