Barrick Gold to Pay Mali $430M to Settle Dispute

On 25 November 2025, Barrick Gold (TSE: ABX) announced that it had reached an Agreement with the Government of Mali regarding a dispute about a gold mine. After nearly two years of ‘back-and-forth’, the Canadian miner agreed to pay USD 430 million over the Loulo and Gounkoto #gold mines.

As part of the Agreement, Barrick would drop the arbitration case, which was lodged at the World Bank’s International Center for Settlement of Investment Disputes (ICSID). In return, Mali will drop all charges against Barrick and its affiliates and release four employees from jail.

The Government of Mali will end its provisional administration and return operational control of the mine to Barrick by 16 December 2025. Following the dispute, Mali put the mine under provisional state administration under the New Mining Code of 2023. The Government of Mali will extend the mining license to Barrick for another 10-year period, to make up for lost time.

Under the Mining Code of 2023, the Government of Mali is entitled to a minimum 10% shareholding free of charge in any mining company. In addition, the Government can acquire another 20%, but it will have to pay something for that extra portion.

The Government of Mali wanted to increase its 20% shareholding in joint ventures. Gold prices have exhibited a robust rising trend, and Mali wants to cash in on its mining assets. However, under the Agreement, the shareholding stays the same at 80/20, but Barrick will share profits on historical earnings, before the Government formally acquired an interest in the venture.

The Agreement requires Barrick to disburse an initial instalment of USD 253 million (FCFA 144B) within a week of signing. The remaining balance will be paid back via VAT and other fiscal offsets.