Mali’s transitional government has approved the exceptional sale of one metric ton of gold—worth approximately $106 million—from the Loulo-Gounkoto mine, previously operated by Canadian mining giant Barrick Gold, amid ongoing legal and contractual disputes.
According to officials, proceeds from the sale will be used to pay workers’ salaries and settle outstanding debts with suppliers. The move underscores the military-led government’s growing efforts to assert control over the country’s mineral wealth, particularly gold.
The decision comes after tensions escalated between the Malian authorities and Barrick Gold, following a ruling by a Bamako court placing the mine under temporary state management. The company, in turn, has taken the case to the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank Group.
At the heart of the dispute is Mali’s 2023 mining law, which removed tax exemptions for foreign investors and increased the state’s potential ownership in mining projects to up to 30%.
Authorities have accused international mining firms of tax evasion and underreporting production figures. When Barrick Gold initially declined to pay government-imposed fines, Mali’s government suspended the company’s gold exports in November 2024.
After several rounds of failed negotiations, the standoff remains unresolved. Government officials have criticized Barrick for allegedly prioritizing private interests over national development, while the company has countered that the military-led administration has undermined investor confidence and legal norms.
Barrick Gold is one of Mali’s largest mining operators, accounting for over 38% of the country’s total gold output. In 2024, the company produced 19.4 metric tonnes.
However, due to the dispute, Mali’s total gold production fell by 23% in 2024, dropping to 51 tonnes from 66.5 tonnes in 2023, according to official data.
