- Barrick Mining (TSX:ABX) and Mali reach a settlement ending all disputes over the Loulo-Gounkoto mines; charges against Barrick and its employees will be dropped, and detained staff released
- Operational control restored to Barrick as the provisional administration is terminated; gold exports expected to resume after months of suspension
- Arbitration claims were withdrawn as part of the agreement, closing a conflict that began in May when Mali sought court-appointed oversight of the mines
- Barrick Mining stock (TSX:ABX) last traded at C$55.18
After months of spicy drama, Barrick Mining Corp. (TSX:ABX) announced that it has reached a comprehensive agreement with the Government of the Republic of Mali, effectively ending a months-long dispute over the Loulo and Gounkoto gold mines. The settlement will see all charges against Barrick, its affiliates, and employees dropped, and legal steps initiated for the release of four detained staff members.
Under the agreement detailed in a news release, the provisional administration imposed on the Loulo-Gounkoto complex will be terminated, restoring operational control to Barrick. The company described the resolution as a “constructive path forward” that will allow normal operations to resume and gold exports to restart.
As part of the settlement, Barrick’s subsidiaries will withdraw arbitration claims currently pending before the International Centre for Settlement of Investment Disputes (ICSID). These claims were filed earlier this year after the Malian government sought to place the mining operations under provisional administration—a move Barrick strongly opposed.
The dispute dates back to this past spring, when Mali requested court-appointed oversight of the mines, citing concerns Barrick called “legally unfounded and unprecedented.” Barrick argued that the intervention violated Malian law and breached binding agreements under its Mining Conventions. The escalation led to the detention of several employees for over five months and the suspension of gold exports, though Barrick continued paying wages and maintaining the site during the standoff.
Barrick has operated in Mali for nearly three decades, contributing significantly to the country’s economy and social development. In a letter to Mali’s Minister of Economy and Finances earlier this year, Barrick reaffirmed its commitment to dialogue and its readiness to negotiate a resolution that would secure the release of its employees and restore operations.
Barrick Mining Corp. is the world’s second-largest gold producer with ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States.
Barrick Mining stock (TSX:ABX) last traded at C$55.18 and has risen 147.42 per cent since this time last year.
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