Mining giant Barrick reached an agreement with Mali’s government to end a two-year dispute over one of the world’s largest gold deposits.
The dispute centered on the Loulo and Gounkoto mines, which are among the Canadian miner’s most productive assets and generated nearly $900 million in revenue last year. The company agreed to pay $430 million in a deal under which it will regain operational control over the Loulo-Gounkoto complex and withdraw its arbitration claims, Bloomberg reported. Barrick said Bamako will drop all charges against the firm and release four of its jailed employees.
The two sides disagreed over the implementation of Bamako’s 2023 mining code that gives Mali a larger share of revenue from gold miners. Mali’s military junta, like many governments across the continent, is trying to secure a larger share of revenues from the country’s mineral resources against a backdrop of rising gold prices.
