The battle between mining giant Barrick Gold and the Malian government has been brewing since 2023, but recent updates suggest a resolution might be in sight. The Canadian company remains “fully engaged” in finding a mutually beneficial agreement regarding its Loulo-Gounkoto gold mining complex. But with operations still on hold and suppliers waiting on overdue payments, what’s really going on? Let’s dig in!
The Gold Rush Hits a Roadblock
Mali’s new mining code has been a game-changer, granting the government a bigger slice of the pie when it comes to foreign mining operations. Barrick wasn’t thrilled about these changes, and things escalated when Malian authorities seized three metric tons of gold in early 2024. By January, Barrick was left with no choice but to temporarily halt mining operations.
Deal or No Deal?
By February, reports surfaced that Barrick and Mali had reached a tentative agreement to resolve their dispute. However, official approval is taking longer than expected. While sources say this is normal for mining contracts in Mali, employees and suppliers are feeling the pinch. Salaries and bonuses are still being paid, but some suppliers claim Barrick is running behind on payments.
What’s Next?
For now, Barrick’s non-critical operations remain on pause, and everyone is waiting for Mali’s final stamp of approval. With the company’s Africa and Middle East COO Sebastiaan Bock assuring staff that discussions are ongoing, it’s a waiting game. Will this golden standoff end in a handshake? Or will the gold mine remain on lockdown? Only time will tell!