Barrick Regains Control of Mali Gold Mine, Agrees to Pay US$430 Million Settlement

Inside the Barrick-Mali dispute

Tensions spiked between Barrick and Mali in January, when Mali’s military government halted gold exports, detained senior Barrick personnel and seized several metric tons of gold from the site.

A local court later appointed former health minister Soumana Makadji to run the operation under state oversight, effectively pushing Barrick out of a mine it has long managed through a joint venture.

This week's deal marks a significant reversal of that intervention and paves the way for Loulo-Gounkoto to return to normal operations. Production only resumed in late October after a separate arrangement to restart payments to local contractors; at the time, Barrick did not comment publicly on the arrangement.

Monday’s settlement with the government now sets the stage for a full restoration of the joint venture.

Barrick restructuring after Bristow exit

The breakthrough also comes as the company faces intensifying pressure on multiple fronts.

Activist investor Elliott Investment Management recently acquired a major stake worth at least US$700 million in the company. Elliott is known for forcing corporate overhauls in the mining sector, and its arrival has sharpened scrutiny of Barrick’s performance after a year marked by falling production and rising costs.

The company has lagged peers despite record-high gold prices, with analysts citing the setbacks in Mali, ongoing concerns around the massive Reko Diq project in Pakistan and turbulence in the executive ranks.

That turbulence erupted publicly in September with the abrupt exit of longtime leader Mark Bristow, whose relationship with Barrick Chair John Thornton had reportedly deteriorated significantly.

Sources told the Financial Times that after years of missed guidance and strategic disagreements, the two were barely speaking by the time headhunters were commissioned to evaluate successors.

Interim Chief Executive Mark Hill has been trying to stabilize the company with a sweeping reorganization.

In an internal memo reviewed by Bloomberg, he said Barrick will fold the Pueblo Viejo mine into its North American division and merge its Latin America and Asia Pacific operations.

He also announced leadership changes to sharpen the focus on Barrick’s Nevada mines, one of the company’s most valuable assets, but also the site of serious safety lapses this year.

The restructuring has revived speculation about whether Barrick could eventually split its portfolio into separate companies or become a takeover target. Currently, the company trades at a lower valuation multiple than rivals, making its assets particularly attractive if separated into a North America-focused unit, plus another entity housing operations in Africa, Latin America and the Asia-Pacific region.