A significant court hearing in Mali, originally set for Thursday to decide on potentially placing Barrick Mining’s Loulo-Gounkoto mining complex under provisional administration, has been rescheduled for May 22. The president of the court confirmed this delay, prolonging the legal standoff between Barrick Mining—previously known as Barrick Gold—and the Malian government.
The roots of this dispute trace back to 2023 when Mali implemented a new mining code that heightened taxes and demanded a larger share in gold mines for the government. This move created friction between Barrick and Mali’s authorities. The government in Bamako, similar to other West African nations, seeks to enhance its earnings from the lucrative mining industry. It contends that existing agreements are unjust and insists that foreign corporations must adhere to its terms if they wish to continue operating within the gold-rich nation.
“As reported by TimesLIVE,”
“Mali’s military government aims to boost revenue from mining, deeming current terms unfair.”
Barrick refutes these claims by emphasizing its substantial investments in Mali spanning over two decades. The company accuses the government of continuously altering expectations and demanding additional funds. Moreover, it alleges that some executives were unfairly detained as a coercive tactic against the corporation.
While most multinational mining entities in Mali have accepted the revised code, such as Australia’s Resolute Mining—whose CEO faced detention until an agreement was reached—Barrick has stood firm against certain provisions.
Thursday marked a pivotal juncture at Bamako’s Tribunal de Commerce court where a plea from the Malian state—a minor shareholder in the Loulo-Gounkoto mine—for provisional administration of these assets was under consideration. This measure aimed to recommence operations at the complex which had been inactive for months due to disputes with authorities.
“Holding back three metric tons of gold valued at $317 million triggered operational suspensions,”
said an insider familiar with the situation.
The impasse escalated further when operations ceased mid-January following governmental seizure of gold worth millions due to alleged tax discrepancies. Export restrictions imposed since November compounded tensions between Barrick and Malian officials, leading to a deadlock.
In their recent financial update on May 7th, Barrick disclosed receiving a warning from authorities threatening provisional management unless operations resumed promptly—an ultimatum contingent upon lifting export limitations on gold.
CEO Mark Bristow revealed ongoing negotiations toward establishing a memorandum of understanding during discussions with Reuters earlier this month. Despite nearing consensus thrice before, reaching a lasting accord remains elusive amid persistent disagreements over operational protocols and financial obligations.
This unfolding narrative underscores not just commercial interests but also geopolitical dynamics shaping resource governance across continents—a reminder that economic activities intertwine with broader political landscapes reshaping trade relationships and regulatory frameworks globally.
**Attribution:**
This article contains information sourced from TimesLIVE (Link: https://www.timeslive.co.za/news/africa/2025-05-16-mali-hearing-on-barricks-loulo-gounkoto-mines-postponed-to-may-22/)
