Barrick reaches agreement with Mali to resolve mining dispute – report

Barrick Gold (NYSE: GOLD) (TSX: ABX) has reached an agreement with Mali to end the ongoing dispute over its mining assets in the West African country, Reuters reported, citing four people familiar with the matter.

According to the news agency, the deal is pending formal approval from Mali’s government.

As part of the agreement, Barrick will pay a total of 275 billion CFA ($438 million) to the Malian state in exchange for the release of detained employees, the return of seized gold and the resumption of operations at the Loulo-Gounkoto mine.

Barrick did not immediately respond to an email query from MINING.COM.

Shares of the gold miner were trading down 0.45% Thursday afternoon in Toronto at C$26.60 ($18.75), giving the company a market capitalization of C$40.6 billion ($28.6 billion).

Last week, Barrick said it was considering placing its suspended Loulo-Gounkoto mine complex, one of the largest in Mali, on care and maintenance.

The Toronto-based miner applied for arbitration with the International Centre for Settlement of Investment Disputes in December.

For now, the Loulo-Gounkoto mine is excluded from the company’s guidance, with production expected to return to forecasts in 2027.

Meanwhile, the Canadian miner reported on Thursday strong performance in the fourth quarter of 2024, with gold production rising 15% and copper production increasing 33% over the previous three months, allowing it to meet its annual production guidance.