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Barrick Mining Corp.’s Loulo-Gounkoto gold mine in Mali has resumed operations for the first time in over nine months under the state-appointed administrator, Soumana Makadji. The mine was closed down in January after Mali blocked exports, seized gold, and detained senior staff, amid disputes over alleged back taxes and new mining laws. The restart was reportedly triggered by a new deal to pay contractors, who had been left unpaid after Barrick halted all activities in January. Loulo-Gounkoto, which produced 723,000 ounces of gold in 2024, is one of Barrick’s most valuable assets, and the pause limited the company’s ability to benefit from the recent 60% surge in bullion prices. While the state-appointed administrator now oversees production, the underlying conflict remains unresolved, with Barrick pursuing international arbitration and denying allegations of unpaid taxes.
Bloomberg