Mali’s Mining Seizure Creates Uncertainty for Barrick Gold

Barrick Gold, the Canadian mining giant, finds itself at the center of an unprecedented international mining dispute. The focus is on its highly productive Loulo-Gounkoto gold mining complex in Mali, which has now resumed operations under direct government control, completely excluding the company from management. This development marks a significant escalation in the ongoing conflict between the corporation and Mali’s military government.

Government Assumes Control of Key Asset

According to sources cited by Bloomberg, operations at the Loulo-Gounkoto complex recommenced last week following the resolution of outstanding payments to contractors. The mine is now under the administrative control of Soumana Makadji, a former health minister appointed by a Malian court in June 2025. Mali’s mining minister, Amadou Keita, previously emphasized that the transitional management would “resume operations, produce gold, pay workers, and generate gold for the national economy” without Barrick’s direct involvement—a novel situation in international mining disputes.

The loss of this asset represents a substantial financial blow to Barrick Gold:
* The facility yielded 723,000 ounces of gold in 2024 alone
* This output constituted approximately 15% of Barrick’s worldwide production
* The operational suspension prevents the company from capitalizing on this year’s 60% gold price surge

Prior to its temporary closure, the mining complex stood as one of Mali’s most productive gold operations and served as a crucial source of export revenue for the West African nation.

Should investors sell immediately? Or is it worth buying Barrick Gold?

Dispute Escalation and Leadership Transition

Tensions reached a critical point in January 2025 when Mali’s military government blocked gold exports, confiscated shipments, and detained senior Barrick personnel. The situation intensified dramatically in June when a court installed Makadji as administrator for a minimum period of six months.

These actions stem from longstanding disagreements concerning allegedly overdue tax payments and mining legislation revisions implemented in 2023. Barrick has consistently refuted the tax claims, citing binding agreements that legally protect its local subsidiaries from specific regulatory changes.

This crisis coincides with significant executive changes at Barrick’s headquarters. In September 2025, longstanding chief executive Mark Bristow stepped down, with Mark Hill assuming the role of interim CEO. This leadership transition, occurring simultaneously with Newmont’s own CEO change, introduces additional uncertainty into the gold mining sector.

Market observers now await Barrick’s third-quarter results, scheduled for release on November 10, for potential indications about the company’s strategy regarding its valuable asset. Until then, the mine remains under state administration—establishing a concerning precedent that will likely alarm the global mining industry.