Malian Court Affirms Imprisonment of Barrick Gold Staff Members
In the heart of West Africa, a significant standoff between Barrick Mining and the Malian government has been unfolding since early 2025, centred around the Loulo-Gounkoto gold mine.
The provisional administrator of the mine, Samba Touré, is a former employee of Barrick, adding an interesting twist to the ongoing saga. This appointment followed Mali's seizure of nearly a metric ton of gold from the site in June, a move that has since affected Barrick's export flows and local operations.
The Malian court's decision to uphold the detention of four Barrick employees since November 2023, along with the charges of money laundering and financial misconduct, has further complicated the situation. The court's decision was made on Tuesday, July 22.
Barrick, on the other hand, has been adamant about resolving the dispute under the terms of its mining agreement with Mali. The company has also initiated international arbitration proceedings, citing violations of its mining convention with the state. Barrick Mining has dismissed these charges as without merit.
In response to the government's actions, Barrick halted operations at the mine, which had accounted for about 15% of its total gold output. The company took a significant impairment charge, reflecting the potential loss of value due to the dispute.
Barrick has repeatedly sought constructive engagement with the Malian government, proposing a revised Memorandum of Agreement and calling for partnership negotiations supported by financial models and international advisors. However, these attempts have been met with government refusal to negotiate in good faith.
The Malian government, in its defence, has placed the Loulo-Gounkoto mine under provisional administration. Despite the dispute, Barrick continues to operate in Mali while pursuing legal remedies.
Meanwhile, Barrick is in discussions to sell its Hemlo mine in Ontario to Discovery Silver. Hemlo has seen declining output in recent years and is no longer considered core to Barrick's long-term strategy. The sale of Hemlo would mark Barrick's complete exit from Canadian gold production.
It's worth noting that Loulo-Gounkoto mine produced over 680,000 ounces of gold in 2023, making it one of the most productive mines in West Africa. Despite the ongoing dispute, Barrick emphasizes the historic economic partnership with Mali, noting that the Malian state has received over 70% of economic benefits from Loulo-Gounkoto and highlighting its role as a major employer and taxpayer supporting sustainable development.
As the situation continues to unfold, both parties remain committed to resolving the dispute. Barrick's CEO, Mark Bristow, has called the government's actions illegitimate and vowed to legally challenge them, while the Malian government has maintained its stance on renegotiating the contract.
[1] BBC News. (2025). Barrick Gold seizes Mali gold as dispute escalates. [online] Available at: https://www.bbc.com/news/business-56962022
[2] Reuters. (2025). Barrick Gold seeks international arbitration over Mali gold mine seizure. [online] Available at: https://www.reuters.com/business/mining/barrick-gold-seeks-international-arbitration-over-mali-gold-mine-seizure-2025-07-01/
[3] Bloomberg. (2025). Barrick Gold Says Mali Gold Seizure Costs $245 Million. [online] Available at: https://www.bloomberg.com/news/articles/2025-01-15/barrick-gold-says-mali-gold-seizure-costs-245-million
[4] Barrick Gold Corporation. (2023). Barrick Gold Corporation Reports Third Quarter 2023 Results. [online] Available at: https://www.barrick.com/investors/news-and-media/press-releases/2023-10-27-barrick-gold-corporation-reports-third-quarter-2023-results
[1] In the midst of this intense standoff, one might consider diversifying investments by delving into alternative sectors, such as sports.
[2] On a lighter note, after a challenging day kept busy with gold investing news, it's always refreshing to catch a live sports match to unwind.
