Barrick Mining has reached a major settlement with Mali to resolve a bitter dispute over the Loulo-Gounkoto gold complex, bringing an end to a two-year standoff that had escalated into an international arbitration battle. According to reporting from Bloomberg, the Canadian company will pay roughly $430 million as part of the agreement, which settles claims on both sides and restores full operational control to Barrick.
The deal marks one of the largest mining-related settlements in West Africa in recent years and closes a chapter that had been closely watched by investors, regulators, and the international arbitration community.
A settlement that ends the World Bank arbitration case
Bloomberg reported that Mali and Barrick reached a 244 billion CFA franc agreement after months of negotiations. As part of the settlement, Barrick will withdraw its case at the World Bank’s ICSID tribunal, which had been examining the mining company’s claims against the Malian state. In return, Mali will abandon all legal actions against Barrick and its affiliates, release four detained employees, and hand back operational control of the mine.
People familiar with the agreement told Bloomberg that Barrick must transfer 144 billion CFA francs within six days of signing. Another 50 billion CFA francs will be covered through VAT-credit offsets, and a similar amount was already paid last year.
Barrick did not comment on the report, and Mali’s Mining Ministry did not respond to Reuters. The settlement effectively halts a dispute that had grown increasingly complex amid shifting political dynamics in Mali and heightened scrutiny of mining contracts across the region.
Industry analysts say the agreement brings stability to one of Barrick’s most important African assets and reduces the risk of prolonged legal uncertainty. It also underscores the growing use of high-value arbitration in disputes between governments and multinational mining companies.
