Mali agreed to extend Barrick Mining’s gold mining permit for an extra 10 years following a longstanding dispute over control and revenues.
In November, the two sides reached an agreement over two mines that are home to some of the world’s largest gold deposits. Mali’s military junta, like many governments across the continent, is trying to secure a larger share of profits from the country’s mineral resources against a backdrop of rising gold prices.
As part of the renewal process, Reuters reported, Barrick identified gold reserves that would support six years of open-pit mining and 16 years of underground mining. The gold giant generated almost $900 million in revenue in 2024 from the Loulo-Gounkoto mining complex in western Mali, the country’s largest producer and Barrick’s most profitable mine.