Mali Threatens to Revoke Barrick’s Mine Permit

SEATTLE (Scrap Monster): Mali’s military government has threatened that it will take back Loulo mine concession from Barrick Gold Corporation upon expiry of the current permit in 2026. The ruling comes after a protracted disagreement between the government and the business over how to divide the financial gains from its activities in the nation. It should be mentioned that the mine concession permit is set to expire in February 2026.

The nation's finance minister, Alousseni Sanou, wrote to Barrick's CEO, Mark Bristow, inviting the business to begin negotiations later this month. The administration retains the ability, the letter said, to decide not to renew the operating permission.

Notably, the military government had charged the business with violating a recent pact meant to settle the conflicts. Barrick's plan to split the economic gains from Loulo-Gounkoto between Mali and the nation on a 55%-45% basis had already been rejected by the nation.

The Loulo concession is part of the Loulo-Gounkoto complex, which is 80% owned by Barrick. The larger site accounted for approximately 13% of the company’s total attributable gold production during the previous year. The Loulo-Gounkoto complex, comprising of two distinct mining permits, is situated in western Mali, bordering Senegal.

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