Operations have resumed at Barrick Mining Corp (TSE: ABX) (NYSE: B) (ETR: ABR0) Loulo-Gounkoto gold mine in Mali for the first time in over nine months, after a court-appointed state administrator assumed control in June, according to sources familiar with the matter.
Announced on Thursday, the restart follows months of halted production after the West African nation blocked exports, seized gold, and detained senior employees.
Barrick halted work at the complex in January amid the standoff with Mali’s military-led government. Furthermore, in June, a court named Soumana Makadji, an accountant and former health minister, to oversee the mine for at least six months.
Mining activity resumed late last week after a deal reinstated payments to contractors, which had been suspended during the stoppage.
Mali’s Mines Minister Amadou Keita also said the provisional management would resume operations and pay workers.
A Barrick spokesperson declined comment, and Makadji did not respond to requests. Meanwhile, a mining ministry representative noted the ministry does not manage the mine and was unaware if operations had restarted.
Loulo-Gounkoto produced 723,000 ounces of gold in 2024 and was one of Barrick’s most valuable assets. The temporary seizure has therefore prevented the company from fully benefiting from bullion’s 60 per cent rally this year.
Shortly after state control began, government agents reportedly flew in by helicopter and removed one tonne of gold. Barrick is still seeking details about the seized bullion’s location and intended disposition.
Read more: NevGold closes its Nutmeg Mountain acquisition with Goldmining for $3 million
Read more: NevGold’s long intervals of antimony & gold mineralization turn heads
Barrick has filed appeals
The dispute originates from alleged tax arrears and new mining legislation dating back to 2023. In addition, other miners such as Allied Gold (TSE: AAUC) and B2Gold Corp. (NYSEAMERICAN: BTG) (TSE: BTO) have resolved similar conflicts with Malian authorities. Conversely, Barrick has initiated arbitration proceedings and denies owing unpaid taxes.
Furthermore, Barrick has filed appeals in Bamako courts challenging the continued detention of four employees since November. The company rejects allegations that those staff were involved in money laundering or financing terrorism.
The government-led restart underscores the ongoing challenges foreign miners face in Mali. Additionally, it highlights the tension between state control and private mining operations in resource-rich nations. While Barrick remains sidelined from direct management, the resumption could stabilize employment for local contractors and support the national economy.
Meanwhile, observers note how Mali handles Loulo-Gounkoto may influence investor confidence and negotiations with other foreign miners in the region. Consequently, the outcome of arbitration and ongoing legal disputes will be closely watched by the global mining sector.
.
