In a dramatic escalation of tensions between the Malian government and Canadian mining giant Barrick, a commercial court in Bamako has placed the Loulo-Gounkoto gold complex under state control, appointing former health minister Soumana Makadji as provisional administrator for six months.
The decision, delivered on Monday, comes amid a protracted standoff over taxes and ownership rights. Barrick, which has long operated the lucrative mining site in western Mali, has vowed to appeal the ruling.
“Justice was neither heard, nor served,” said Issaka Keita, one of Barrick’s legal representatives, in a statement to Reuters.
The company insists that the government’s actions — which include blocking gold exports and seizing stockpiles — were unjustified and have led to an indefinite suspension of operations.
The Loulo-Gounkoto complex, responsible for 14% of Barrick’s total gold production, has been inactive since January, following the government’s seizure of three metric tons of gold and an earlier export ban imposed in late 2024.
Barrick subsequently removed the site from its 2025 production forecast.
Mali’s mines ministry declined to comment on the latest court decision, but government officials had previously expressed a desire to restart operations at the complex, citing soaring global gold prices.
According to Reuters estimates, the mine could generate revenues exceeding $1 billion in the coming year if reopened.
At the heart of the dispute is a new mining code introduced in 2023 that raises taxes and grants the state a greater stake in mining ventures.
Negotiations over a revised contract between Barrick and the government have been ongoing but remain unresolved.
Barrick’s mining licence for Loulo-Gounkoto is due to expire in February 2026, adding further urgency to the talks.
Despite the breakdown in relations, Mali has reportedly made concessions by allowing Barrick to repatriate 20% of its revenues to an international account — a rare exception not extended to other foreign miners.
Shares in Barrick fell 0.7% in early trading on the Toronto Stock Exchange following the announcement.
The incident highlights mounting investor concerns over Mali’s regulatory environment, potentially dampening future foreign investment in one of Africa’s top gold producers.
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