Mali’s court-appointed administrator overseeing the Loulo-Gounkoto gold complex has begun selling gold stored at the facility, despite opposition from Canadian mining giant Barrick Gold. The sale of one metric ton of gold—valued at over $100 million—is intended to fund operating costs after a six-month production halt.
The mine, previously responsible for 15% of Barrick’s global output, was shut down in January 2025 after the Malian government blocked exports and seized three tons of gold. Tensions escalated when Barrick rejected Mali’s demands to adopt a new mining code that increases government revenue from rising global gold prices.
Soumana Makadji, a former health minister recently appointed as the mine’s interim manager, has enlisted support from Samba Toure, the chair of the state mining company and a former Loulo-Gounkoto executive. Their goal is to resume full operations and ensure workers and contractors are paid.
Barrick CEO Mark Bristow has condemned the move, calling it “illegitimate” and pledging to pursue legal action through international arbitration. He warned that any restart without Barrick’s involvement may irreparably damage the mine’s long-term future.
Sources confirmed that operations resumed this week, though significant challenges remain. Expatriate staff have not returned, and many local contractors are still unpaid. Only staff based in Bamako received June salaries, and skilled foreign operators, especially drillers, have yet to be recalled.
Mali’s unilateral action signals a potential turning point in how West African governments approach foreign mining companies, as leaders in Mali, Niger, and Burkina Faso seek greater control over natural resources. The situation could set a precedent, further complicating relations between international investors and national authorities.
Barrick, which has already lowered its production forecast for 2025, says it remains concerned that the interim administration lacks the expertise to manage the complex mine operations effectively.