BAMAKO, Mali — Mali has granted Barrick Gold Corp. a 10-year renewal of its operating license for the Loulo-Gounkoto gold complex, the country’s largest gold mining operation, under a decree adopted Feb. 13.
The renewal follows a November 2025 settlement that ended a dispute triggered by Mali’s 2023 mining code overhaul, which increased fiscal take and expanded the state’s potential ownership in mining projects. The dispute disrupted operations in 2025 and contributed to a sharp drop in output at Loulo-Gounkoto, Barrick has said in filings.
Barrick said the settlement required it to withdraw an arbitration case at the World Bank’s International Centre for Settlement of Investment Disputes. The company also reported paying $253 million in arrears to Mali as part of the agreement.
Mali, in turn, dropped legal proceedings against Barrick and its subsidiaries, released detained employees and restored full operational control to the company, Barrick said.
A key question for investors and operators is how the renewed license will be treated under Mali’s 2023 code. The law increased royalty rates for industrial gold operations and raised the corporate income tax rate, while allowing the state to hold up to 30% equity — including a 10% free-carried interest and an option to purchase an additional 20% — compared with the 20% stake Mali previously held at Loulo.
Neither Barrick nor Mali’s mining ministry has publicly detailed whether the renewed license will shift to the new ownership and fiscal terms or retain the previous framework.
Barrick has not provided a specific timeline for returning the complex to full production. It has said ramp-up would take months because of remobilizing the workforce, equipment maintenance and rebuilding supply chains.
Before disruptions, the Loulo mine, which began operating in 2005, and the adjacent Gounkoto deposit, which started production in 2012, were managed as a single complex with shared processing infrastructure.
Gold mining is central to Mali’s economy, accounting for about a quarter of government revenue and more than 70% of export earnings, according to the International Monetary Fund.
Source: Skillings Mining Review (Data as of February 16, 2026)
