By: African mining market

Four employees of Barrick Mining who had been detained for about a year in Mali have been released. The development comes a few days after the announcement of a new agreement in the dispute between the Canadian company and the Malian state over the Loulo-Gounkoto gold mine.

Early last week, Barrick confirmed it had reached an agreement meant to settle its disagreements with Bamako. The company said it expected all charges against its Malian subsidiaries to be dropped, its four employees to be freed, and operational control of Loulo-Gounkoto to be returned, after the mine was placed under temporary administration in June. Although the decision has not yet been made official, the release of the employees appears to be the first sign that the agreement is being implemented.

In return, Barrick agreed to withdraw its international arbitration cases against Mali. Bloomberg also reported a planned payment of CFA244 billion (US$430 million) to the state, including CFA144 billion within six days of signing. Pending official announcements, several elements of the expected easing still need clarification.

The dispute intensified after Mali adopted a new mining code in 2023, which allows the state to raise its stake in mines to as much as 35%, including 5% reserved for local investors. This provision has been central to negotiations in recent months. It is still unclear whether the announced agreement applies this new rule to Loulo-Gounkoto, which is currently owned 80% by Barrick and 20% by the Malian state.

These developments come as Barrick reassesses its growth strategy, with a potential shift toward North America. This strategic direction has already been mentioned by CEO Mark Hill, who has been serving in the role since Mark Bristow resigned in September. Loulo-Gounkoto, the largest gold mine in Mali and responsible for 15% of Barrick’s production in 2024, remains one of the company’s key African assets, alongside Kibali (DRC), Bulyanhulu, and North Mara (Tanzania).