Barrick Mining, Mali agree in principle to resolve dispute over gold mine

Barrick Mining and the government of Mali have reached a verbal agreement in principle to resolve their dispute over the Loulo-Gounkoto gold mining complex, two sources familiar with the situation told Reuters on Friday.

No agreement has yet been signed, the sources said.

A spokesperson for Barrick Mining did not immediately respond to a request for comment. A spokesperson for Mali’s Mines Ministry said negotiations were progressing well but did not provide further details.

The two sides have been in a dispute since 2023 over the implementation of a new Mali mining code that raises taxes and gives the government a greater share of gold mines.

They met for talks on Friday, a week after Barrick’s interim CEO Mark Hill wrote a letter to Mali’s administration asking to restart negotiations, one of the sources said.

The talks included a renewal of Barrick’s mine license, which expires in February 2026, for an additional 10 years. They also discussed the release of four Barrick employees arrested in Mali, the return of 3 metric tons of gold that were seized by Mali officials, and the dropping of arbitration proceedings initiated by Barrick against Mali, the source said.