Mali’s court-appointed administrator has announced plans to sell one metric ton of gold—valued at approximately $107 million—that was previously seized from the Loulo-Gounkoto gold complex, a site operated by Canadian mining giant Barrick Gold.
The sale marks a major development in the ongoing dispute between the Malian government and Barrick.
According to Reuters, the gold sale decision was made as part of the government’s broader effort to reassert control over the mining site and address pressing fiscal needs.
The proceeds are expected to fund operational expenses, including employee salaries, fuel, and outstanding contractor payments.
Barrick Gold, which has strongly opposed the government’s actions, said it was only informally informed about the reported sale and the resumption of operations at the site.
“If it is true, any plans by the administrator to restart operations and sell gold on the site, in our view, would be illegitimate,” said Barrick CEO Mark Bristow.
He added that the company is pursuing legal and diplomatic channels to challenge the decision:
“We will use every legal measure at our disposal to hold the state and the individuals involved accountable for these unlawful actions—to protect our people and to defend our investments.”
The Loulo-Gounkoto complex, one of Mali’s most productive gold mines, had been shut down for nearly six months following the government’s seizure of gold reserves stored at the site in January 2025.
The mine, operated by Barrick’s local subsidiary, previously contributed around 15% of the company’s global gold output and played a critical role in Mali’s export economy.
The dispute reflects rising tensions between Mali’s transitional military-led government and international investors.
Recent changes to the mining code, increased state ownership demands, and delays in permit renewals have prompted concerns over the country’s investment climate.
The Malian government has justified its actions as part of a broader agenda to assert greater sovereignty over natural resources and promote domestic development.
However, critics argue that these unilateral moves are eroding investor confidence and destabilizing the extractive sector.
The unfolding situation at Loulo-Gounkoto serves as a flashpoint in Mali’s evolving resource governance strategy—and a warning sign for other international firms operating in the region.
