Operations restarted at Barrick Mining Corp.’s massive gold mine in Mali for the first time in more than nine months, after a state administrator took over the asset in June, according to people familiar with the matter.
Barrick shuttered the Loulo-Gounkoto complex in January after the West African nation blocked exports, seized gold and detained senior employees. The dispute with the military-led government reached its lowest point four months ago when a court appointed Soumana Makadji, an accountant and former health minister, to manage the mine for at least six months.
Production activity resumed at the site late last week, two of the people said, asking not to be identified discussing information that’s not been made public. That came after a deal to restart payments to contractors, which had been suspended when Barrick halted operations, according to one of the people.
Mali’s Mines Minister Amadou Keita said in June that the provisional management team would “restart operations, produce, pay the workers’ wages, but also produce gold for the national economy.”
Makadji didn’t respond to calls and a text message seeking comment. A Barrick spokesperson declined to comment.
A spokesman for the mining ministry said he’s not aware if operations at Loulo-Gounkoto have restarted. The mine is managed by the court-appointed interim administration and the ministry isn’t involved in operations, he added.
Maxam Corp., Sandvik Group and Etasi & Co. Drilling are among the subcontractors impacted by the recent stoppage. Maxam and Etasi, which provide drilling and blasting services at the mine, didn’t respond to requests for comment. Sandvik declined to comment.
Loulo-Gounkoto – which produced 723,000 ounces of gold in 2024 – is one of Barrick’s most important assets. The temporary seizure of the mine has meant the Canadian firm has been unable to fully capitalize on bullion’s record-breaking 60% rally this year.
Barrick initiated arbitration proceedings against Mali at the start of the year. The company’s lawyers have also filed appeals with a court in the country’s capital, Bamako, challenging the detention of four employees since November. Barrick has denied the junta’s allegations against those staff of money laundering and financing terrorism.
Shortly after the mine was put under state control, government agents arrived at Loulo-Gounkoto in helicopters and left with a ton of gold. Barrick says it’s still waiting for information on the whereabouts and “the intended fate” of the seized bullion.
The standoff between Barrick and Mali around alleged back taxes and new mining legislation dates back to 2023. Other gold miners, including Allied Gold Ltd. and B2Gold Corp., have resolved similar disputes by concluding agreements with the government.
Barrick has denied owing unpaid taxes to the government and said its local subsidiaries possess binding conventions that protect them against certain legal and regulatory changes.
(By Katarina Höije and William Clowes)