Mali threatens Barrick's Loulo mine permit over profit disputes

Mali's military government has threatened to allow Barrick Gold Corp’s Loulo mine concession to expire in 2026 due to ongoing disagreements over economic benefit sharing. The government has accused Barrick of failing to adhere to the terms of a previous agreement and is demanding $512 million in back taxes and dividends while Barrick has only paid $85 million so far. Both parties are attempting to negotiate the mine's future, with Mali insisting on a 55-45 revenue split favoring the country, which Barrick has rejected. The mining landscape in Mali has changed significantly since the 2020 military coup, following which the government revised the mining code to increase its stake and encourage more local involvement in foreign companies. Despite the turmoil, including instability in northern regions, Barrick aims to maintain operations at Loulo, one of the world's premier gold mines, critical to its output in 2024. CEO Mark Bristow has been actively engaging with Mali's leadership to ensure continued productive discussions amidst the tensions.