Barrick Gold has removed its Loulo-Gounkoto gold complex in Mali from its 2025 production forecast, according to Reuters sources.
The move comes amid a prolonged standoff with Mali’s military-led government over a new mining law aimed at increasing state revenues from gold production.
The Loulo-Gounkoto complex, one of Barrick’s largest African gold assets, has been suspended since January after Malian authorities blocked gold exports, detained staff, and seized three metric tons of gold stock.
The dispute stems from negotiations over a revised mining contract, with Mali seeking greater financial benefits from its mineral resources.
The suspension threatens potential revenues exceeding $1 billion this year for both parties, as gold prices hover near record highs.
Meanwhile, Barrick’s share performance has lagged behind peers, while Mali risks deterring future foreign investment.
In May, Mali’s government—a shareholder in the complex—requested a domestic court to appoint a provisional administrator to restart operations, a move that would strip Barrick of control over the mines.
A hearing on the matter is scheduled for Thursday.
Loulo-Gounkoto contributed 14% of Barrick’s total gold output in 2024, according to Jefferies. Analysts had estimated Mali mine would produce around 250,000 ounces in 2025.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
