At a Glance
- Barrick regains full operational control of its Mali gold mine after resolving regulatory disputes.
- Production restarts gradually, prioritizing safety training and compliance with Mali’s mining requirements.
- Settlement clears seized gold return and supports Barrick’s broader global and U.S. growth strategy.
Barrick Mining, a global leader in gold and copper mining, has resumed full operational control of its flagship gold mine in Mali, marking a key step toward restarting production after months of disruption tied to regulatory disputes with the West African nation’s military-led government.
The Toronto-based gold producer confirmed the development in an internal memo, signaling renewed momentum for one of Africa’s most important mining assets.
The company said production will restart gradually, with an initial focus on mandatory safety and operational training for employees and contractors. The phased approach reflects Barrick’s effort to stabilize operations and meet regulatory requirements as it re-enters one of the world’s most prolific gold-producing regions.
Barrick to regain control after settlement
The move follows an agreement reached last month between Barrick and Malian authorities, ending a two-year standoff over the implementation of a revised mining code.
The dispute, which centered on taxation, ownership structures and state participation in strategic assets, prompted Barrick to suspend operations at its Mali gold complex in January. In June, a court-appointed provisional administrator temporarily took control of the mine.
As part of the settlement, Barrick agreed to pay about $430 million to resolve outstanding claims, according to a person familiar with the matter. The agreement cleared the way for the company to regain operational authority and normalize production at the site, which is considered a cornerstone of Mali’s gold mining industry and a major source of export revenue.
Seized Barrick Gold released amid investor pressure
In a related development, a Malian judge recently ordered the return of approximately three metric tons of gold previously seized from Barrick, according to people familiar with the decision.
The gold, valued at roughly $400 million, was confiscated in January following a court order and transported by military helicopter. It has since been held at a bank in Bamako, Mali’s capital.
The resolution in Mali comes as Barrick sharpens its global strategy amid pressure from shareholders, including activist investor Elliott Investment Management.
Barrick targets U.S. growth strategy
Under interim Chief Executive Officer Mark Hill, the company has said it plans to prioritize its North American operations, including advancing plans for a potential initial public offering of its U.S. business.
Founded in 1983 and headquartered in Toronto, the company trades on the New York Stock Exchange and the Toronto Stock Exchange.
Barrick is one of the world’s largest gold and copper producers, with a portfolio of long-life, high-margin Tier One assets across 18 countries. Its operations span major mining jurisdictions including Nevada in the United States, as well as Tanzania, Mali and Zambia in Africa.
