A Malian court has ordered a six-month provisional administration of Barrick Gold’s Loulo-Gounkoto gold complex, one of Africa’s largest gold mines, amid a bitter standoff between the Canadian mining giant and Mali’s military government over alleged unpaid taxes.
Judge Issa Aguibou Diallo ruled that Zoumana Makadji, a former health minister and accountant, will take control of operations within 15 days. Barrick retains legal ownership but loses operational control. The move follows months of tensions, including an arrest warrant for CEO Mark Bristow in December and Barrick’s offer to pay $370 million to resolve the dispute.
The military junta, which seized power in 2020, has aggressively pursued foreign miners for revenue amid economic strain and ongoing jihadist violence. Barrick employees remain detained, with the company calling their imprisonment “unjust” and “used as leverage.” In November 2024, Resolute Mining’s CEO and staff were arrested and only released after an $80 million payment, with another $80 million pledged. The government claims the Loulo-Gounkoto takeover “protects national economic interests” and prevents sudden mine closures.
Barrick, which operates two of the world’s top 10 gold mines—Loulo-Gounkoto in Mali and Kibali in Congo—insists it is committed to resolving the dispute. It filed for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in December, accuses Mali of “ever-increasing demands without legal basis,” and warns that detaining employees undermines the trust needed for long-term partnerships.
Mali is Africa’s third-largest gold producer, but its hardline tactics risk scaring off investors. Gold exports were suspended in late 2024, and foreign miners face growing pressure to renegotiate contracts and pay disputed taxes. The junta seeks to boost state revenue amid sanctions and rising security costs.
With Barrick’s arbitration case pending and Mali refusing to back down, the conflict could drag on, potentially deterring future mining investment. The provisional administration may force Barrick into further negotiations, but if no deal is reached, Mali could push for full nationalisation, following the path of other resource-nationalist governments in the region.
For now, the fate of one of Africa’s most lucrative gold mines hangs in the balance, with both sides digging in for a prolonged battle over profits, taxes, and control.
