A Malian court has ordered the return of approximately three metric tonnes of gold—valued at around $400 million—to Canadian mining company Barrick Mining. The gold was seized in January from the company’s Loulo‑Gounkoto complex by a military helicopter after a judge issued a confiscation order. The seizure was carried out under Mali’s new mining code, introduced by the military‑led government to increase the state’s share of extractive revenues. Since then, the gold has been stored in a bank vault in Bamako.
Gold is a crucial component of Mali’s economy, accounting for more than 70 % of the country’s exports. The seizure dealt a significant blow to Barrick, the leading gold operator in Mali, prompting the company to suspend some of its operations. Barrick argued that the measure violated its contractual obligations. After two years of negotiations, the parties reached an agreement last month. Under the deal, Barrick will pay a $437 million settlement and withdraw its arbitration claims against Mali. In return, the government will drop its charges against the company, and four Barrick employees who had been detained since November of the previous year have been released.
The provisional administrator of the mining complex, appointed in January, is set to return control of Loulo‑Gounkoto to Barrick next week. This agreement marks a significant step toward resolving the dispute and allows Barrick to resume its operations in Mali. The suspension of operations had raised concerns about the impact on the country’s economy, which is heavily reliant on gold exports.
The new mining code, part of a broader effort to increase transparency and accountability in the mining sector, aims to strengthen the state’s share of extractive revenues. The settlement between Barrick and the Malian government is seen as a positive development for a sector that has faced challenges in recent years. The return of the seized gold and the resolution of the dispute are expected to boost Mali’s economy, contribute to GDP growth, and improve investor confidence, while also helping to mend relations between the government and mining companies operating in the country.
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