Mali has accused Barrick Gold of failing to meet obligations under a recent agreement, escalating tensions over revenue sharing from the company’s mining operations. Barrick, which operates the Loulo-Gounkoto gold mines in the country, denied any wrongdoing on Thursday.
The dispute follows Barrick’s September 30 announcement that it had reached a settlement with Mali’s government over issues related to the Loulo and Gounkoto mines. This agreement came shortly after four of Barrick’s Malian employees were briefly detained by local authorities.
However, in a joint statement issued on October 23, Mali’s economy and mines ministries claimed that Barrick had not upheld several commitments from the deal. They cited breaches related to environmental regulations, corporate social responsibility, and foreign exchange laws.
The ministries warned that Barrick’s failure to address these concerns posed “serious risks” to its ongoing operations in Mali, pointing out that one of the company’s mining licenses is set to expire in early 2026. The government also hinted at possible legal actions if the situation is not resolved.
In response, Barrick rejected the accusations, stating that it has been in active discussions with the Malian government since September 30 to finalize a resolution, including an agreement to provide Mali with a larger share of economic benefits from the Loulo-Gounkoto complex.
“While Barrick does not accept the claims of wrongdoing, we have chosen to act in good faith as a long-standing partner of Mali,” the company stated, adding that it had already paid the government $85 million in early October as part of ongoing negotiations.
Reports earlier this month indicated that Mali’s military-led government is demanding at least 300 billion CFA francs ($512 million) in unpaid taxes and dividends from Barrick. A spokesperson for the company confirmed that negotiations are ongoing.
These demands are part of Mali’s broader effort to review mining contracts and renegotiate terms with foreign companies, aiming to capture a larger share of revenues under the country’s updated mining code.
