Barrick Mining Corp. announced on Monday, November 24, 2025, that it has reached a comprehensive agreement with the government of Mali, ending a two-year standoff over the Loulo-Gounkoto gold mining complex. The resolution, which followed prolonged negotiations, sent the Toronto-listed miner’s shares soaring to a record high.
In a statement, the Canadian mining giant said it would withdraw its arbitration case against Mali at the World Bank’s dispute tribunal. In return, the Malian government agreed to drop all charges against Barrick and its affiliates, release four detained employees, and restore operational control of the mine to the company.
According to individuals familiar with the matter, the settlement also includes a 10-year extension of Barrick’s mining permit, while the company has committed to signing Mali’s 2023 mining code. Barrick aims to restart full operations by January 1, said Mamadou Samake, Barrick’s Director of West Africa, in a video interview distributed by the government.
The breakthrough came after renewed talks initiated by Barrick’s interim CEO, Mark Hill, who reportedly reached out to Mali’s authorities seeking a negotiated settlement.
Mali’s Ministry of Mines confirmed in a statement that “Barrick would soon be allowed to resume normal operations at Loulo-Gounkoto.”
Following the announcement, Barrick’s shares surged 8.5%, closing at an all-time high of C$55.93 on the Toronto Stock Exchange.
The dispute had stemmed from the introduction of Mali’s new mining code, which sought to increase the government’s share of revenue from gold producers amid soaring global gold prices. The two parties had been at odds for nearly two years over its implementation.
“The logical thing after this for Barrick would be to get out (of Mali),” said Martin Pradier, an analyst covering Barrick for Veritas Investment Research. He added that this outcome was likely since “the new mining code is no better than the previous one,” and a company like Barrick cannot operate in a country with “flimsy regulations.”
Earlier this year, Mali’s military-led government seized three metric tons of gold from the Loulo-Gounkoto mine and installed a provisional administrator to oversee operations. The move forced Barrick to write off $1 billion in revenue and preceded the departure of former CEO Mark Bristow.
Before the dispute, Loulo-Gounkoto was among Barrick’s most profitable assets, generating nearly $900 million in revenue in 2024.
Meanwhile, in a separate development, a Hungarian company has reportedly developed a method to convert mining waste into road-grade concrete, potentially replacing much of the traditional stone used in the mixture — a move that could have implications for sustainable mining practices worldwide.
