By: Chioma Madonna Ndukwu
Mali has initiated the sale of gold extracted from the Loulo-Gounkoto mine, which was seized from Canadian mining giant Barrick Gold in June 2025. Sources revealed to AFP on Thursday that the government intends to restart mining operations with the proceeds.
In June, a Malian court ruled to temporarily place the mine under the control of a government-appointed administrator, removing Barrick Gold from its management role. Since the mine was seized in January, operations had been suspended, with approximately three tonnes of gold taken from the site.
The newly appointed administrator is now selling portions of the gold stockpile to secure funds necessary for restarting the mine’s operations, according to an official from Mali’s economy ministry.
The move underscores Mali’s ongoing efforts to assert more control over its natural resources, particularly as tensions rise between the Malian government and foreign mining companies like Barrick. Authorities accuse Barrick of failing to settle outstanding tax payments amounting to hundreds of millions of dollars.
Barrick, which owns 80% of the Loulo-Gounkoto complex, confirmed that arbitration proceedings were underway through the International Centre for Settlement of Investment Disputes (ICSID), following the court’s decision.
The Loulo-Gounkoto mine, located in western Mali near the Senegal border, has been a key contributor to the country’s economy, generating an estimated $1 billion in 2023 alone.
The conflict over the mine is a part of Mali’s broader strategy to regain control over its mineral wealth under the leadership of General Assimi Goita, who has ruled the country since the 2020 and 2021 military coups.
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