The two-year confrontation between Barrick and Mali’s junta over the 2023 Mining Code (Law 2023-040: state free-carry raised to 10% with an option for 20% more; royalties up to 10%) escalated from a US$370m settlement offer, armed escorts removing ~3 tonnes of gold (~US$400m), an arrest warrant for CEO Mark Bristow, the January 2025 shutdown and a June 2025 court-ordered provisional administration of the complex.
The 24 November 2025 settlement obliged Barrick to pay CFA 244bn (CFA; ~US$430m; Ecofin later reported US$253m of cash to the state) in back taxes/customs for 2018–24, sign onto the new code, and drop its World Bank arbitration; Mali dropped charges, released four detained employees, returned the gold and terminated the administration. Barrick resumed control on 18 December 2025, with 2026 guidance of 260,000–290,000 attributable oz (vs 723,000 oz in 2024) and the Loulo permit extended ten years.
Value: CFA 244bn (~US$430m) (verified against public announcements).
Advisers: arbitration and negotiation counsel for either side were not publicly named in the settlement disclosures.
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
