Barrick Gold has concluded an agreement with the Mali government to resolve a nearly two-year dispute related to its mining operations. The deal requires Barrick to pay 275 billion CFA francs ($438 million), which will lead to the return of detained employees and confiscated gold, while enabling the resumption of activities at the Loulo-Gounkoto mine. This agreement awaits official approval from the Malian government.
Barrick Gold, a prominent Canadian mining firm, has reached a conclusive agreement with the Malian government, effectively resolving a dispute that has persisted for nearly two years. Initially reported by Reuters, the agreement involves Barrick making a payment of 275 billion CFA francs (approximately $438 million) to the Mali government. This settlement is set to enable the release of detained staff and the return of confiscated gold, allowing operations to resume at the Loulo-Gounkoto mine.
The conflict began earlier in 2023, triggered by Mali’s revised mining code, which sought to increase the government’s share in local gold mining initiatives. This tension adversely affected Barrick’s operational effectiveness, with significant implications for the company’s production capabilities and financial standing, as highlighted by IndexBox data. The agreement is now pending formal approval from the Malian authorities, with an official announcement expected soon.
In summary, Barrick Gold has successfully negotiated an agreement with the Malian government to end a long-standing dispute, with a significant payment facilitating a return to normal operations at its mine. The agreement marks a critical step in restoring the company’s operational capacity, following the complications arising from changes to the mining code. The anticipated official approval will further solidify this resolution, positively impacting Barrick’s future in Mali.
Original Source: www.indexbox.io
