Barrick Mining Seeks a Breakthrough
Mining heavyweight Barrick Mining was at the center of a fierce, two-year conflict with the Malian government, which even led to a temporary court-ordered receivership of the Loulo-Gounkoto complex in 2025. But in November 2025, the company achieved its long-awaited breakthrough through a comprehensive agreement. Barrick agreed to pay approximately USD 430 million, accepted the new mining law of 2023, and, in return, secured a crucial license extension for another 10 years. Following the leadership change, Mark Hill became interim CEO in September 2025, and production is resuming. Analysts at BMO Capital Markets expect annual production of approximately 670,000 ounces and operating cash flow of USD 1.5 billion, assuming a swift restart. To reduce risks, the company’s leadership is pushing ahead with the spin-off of its North American assets. At the same time, plans are taking shape for a complete spin-off of the remaining African business through a potential merger with Endeavour Mining. However, this is not certain; Reuters reports that no decision has been made yet.
B2Gold Surges to the Top
While competitors were bogged down in protracted negotiations, Canadian rival B2Gold capitalized on an early, amicable agreement with the Malian government in September 2024 to establish itself as the new, reliable market leader in the country. In 2025, B2Gold produced a consolidated total of 979,604 ounces of gold. The Fekola complex in Mali alone accounted for approximately 562,000 ounces. Since Barrick’s Loulo-Gounkoto was idle for much of the year, B2Gold was thus Mali’s largest industrial gold producer. Management is aggressively accelerating capacity expansion. In July 2025, B2Gold received government approval for the Fekola underground project, allowing mining to begin immediately thanks to proactive tunnelling work. The company achieved a historic record revenue of over USD 3 billion in 2025. It solidified this strong position in the first quarter of 2026 with production of 237,763 ounces at a realized gold price of USD 4,193 per ounce. For the full year 2026, the operating company forecasts gold production of up to 970,000 ounces. Although the expected all-in sustaining costs (AISC) for 2026 are relatively high at USD 2,400 to USD 2,580 per ounce due to investments in overburden removal at the open-pit mine, this effect is only temporary.
Desert Gold Scores with Smart Production This Summer
In the shadow of the mining giants, the agile explorer Desert Gold is demonstrating how an innovative niche strategy can generate substantial profits. With its massive 440 km² license area, the company holds one of the largest contiguous concession areas among junior explorers in the region. The geological location of the flagship SMSZ project is strategically brilliant, as it directly borders the production areas of B2Gold and Barrick Mining. Instead of burning through expensive capital for years just to define resources, the management team led by CEO Jared Scharf is relying on a smart, modular development concept. At the heart of the project is the Barani East deposit, which contains near-surface, easily mineable gold resources. A mobile, highly efficient gravity processing plant with a capacity of more than 200 metric tonnes per day passed its technical acceptance testing in China in April and was shipped out immediately. The official commissioning of the plant at the project site is firmly scheduled for July 19, 2026, and is expected to catapult Desert Gold into the ranks of Mali’s active gold producers. A preliminary economic assessment (PEA) updated in November 2025 underscores the project’s impressive key figures. Assuming a gold price of USD 2,850 per ounce, the project has a net present value after taxes of USD 61 million with a compelling internal rate of return of 57%.
Takeover Speculation and Financial Backing
The current mine plan covers less than 10% of the project’s total known resources to date, which, according to an estimate from January of this year, leaves open a significant geological potential of over 1.2 million ounces of gold. To rapidly expand the near-surface zones, an active 4,250 m exploration drilling program is already underway. The company’s proximity to Allied Gold’s Sadiola Mine also makes it an attractive takeover target or partner for cost-effective contract processing, in which ore could simply be transported by truck to the nearby facility. Financially, the company is well-positioned for the upcoming production phase following the successful closing of an oversubscribed private placement of approximately CAD 7.18 million in February. Backed by prominent shareholders such as Merk Investments and mining entrepreneur Ross Beaty, Desert Gold Ventures is well supported as it advances its development plans. The planned start of production and the company’s operational progress could provide additional catalysts for the shares. As mining activity in Mali continues to recover, Desert Gold appears well positioned to benefit from this trend.
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