Barrick Secures 10-Year Permit Renewal for Loulo Gold Mine in Mali
Mining News | 2026-02-17 06:49:54
The renewal follows negotiations tied to Mali’s 2023 mining code, which introduced higher royalties and expanded state participation in mining ventures.
By Paul Ploumis
SEATTLE (Scrap Monster): The Government of Mali has extended the gold mining permit for Barrick Mining’s Loulo project by ten years, marking a significant breakthrough after a prolonged dispute over taxation and profit-sharing, according to Reuters.
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The renewal follows negotiations tied to Mali’s 2023 mining code, which introduced higher royalties and expanded state participation in mining ventures. The revised framework had prompted Barrick to initiate arbitration proceedings with the World Bank’s dispute tribunal. Under the new agreement, the company will withdraw its case, while Mali will drop all legal charges, release detained employees and restore full operational control of the Loulo-Gounkoto complex.
Barrick has also finalized an updated feasibility study confirming economically viable reserves supporting six years of open-pit mining and 16 years of underground operations, with projected annual output of approximately 420,920 ounces of gold.
The Loulo-Gounkoto complex in western Mali generated nearly $900 million in revenue in 2024, underscoring its strategic importance to both Mali’s economy and Barrick’s global portfolio.
Separately, Barrick completed the sale of the Hemlo Gold Mine in Canada to Carcetti Capital for up to $1.09 billion, finalizing a transaction first agreed in September 2025.
POLL
What will be the biggest impact of Mali’s revised mining framework on global gold producers?
Frequently Asked Questions
- Why was the Loulo permit extension significant?
It resolves a prolonged dispute linked to Mali’s 2023 mining code and secures long-term operational stability.
- What were the key terms of the agreement?
Barrick will withdraw arbitration, while Mali will drop charges, release employees and restore operational control.
- What is the projected gold output from Loulo-Gounkoto?
Approximately 420,920 ounces annually under the updated feasibility study.
