Barrick in Talks to Regain Control of Giant Gold Mine in Mali

(Bloomberg) — Barrick Mining Corp. is in talks with the Malian government to end a two-year dispute that has shuttered the company’s giant gold mine and jailed employees, according to people with knowledge of the matter.

Representatives of the Canadian mining company met with Financial officials on Friday to determine the terms of the agreement for the Loulo-Gounkoto operation, said the people, who asked not to be identified due to private conversations. One of the sources said the parties were close to reaching an agreement.

If a deal is reached, it would mark the end of a dispute that has weighed on Barrick for more than a year. The company and Mali’s military leadership have long clashed over a new mining law and the government’s demand for millions of dollars in back taxes.

Under the proposed arrangement, Barrick would agree to the mining law and regain control of the mine, sources said.

The Toronto-based company did not immediately respond to requests for comment. A government spokesman did not respond to calls and a message seeking comment late Friday. A mining ministry spokesman could not be reached for comment.

Barrick closed its mining complex in January after the West African country blocked exports, seized gold and detained senior employees. Operations at the state-run mine resumed in September after a Financial administrator took over the asset in June. An agreement would ensure the release of detained employees.

Loulo-Gounkoto, which produces 723,000 ounces of gold in 2024, is one of Barrick’s most important assets. The temporary seizure of the mine means the Canadian firm has not been able to take full advantage of bullion’s record-breaking rally this year.

More stories like this available Bloomberg.com