Mali finally returns $400 million in gold to Australian operator amid settlement
Mali has ordered the return of $400 million in gold seized from Barrick Gold following a settlement resolving a two-year dispute.Summary
A Malian judge has ordered the return of three metric tons of gold, valued at approximately $400 million, to Barrick Gold’s Loulo-Gounkoto complex. The gold had been seized in January following a court order and held at the Banque Malienne de Solidarité in Bamako. This decision follows a recent agreement between Barrick and the Malian government, where Barrick agreed to a $430 million settlement, ending a two-year dispute over a new mining code that increased Mali’s share of revenue from gold miners.
The dispute escalated in January when the Malian government seized gold from the complex, leading Barrick to suspend operations and void its insurance coverage. The settlement also secures the release of four Barrick employees detained since November 2024 and leads to the dropping of Barrick’s international arbitration case against Mali. Control of the Loulo-Gounkoto complex will be returned to a court-appointed provisional administrator next week.
The resolution is seen as a boost for Western investment in Mali’s natural resources, including gold, lithium, and other minerals, particularly as the country seeks to stabilize its mining operations amid ongoing political unrest and record-high gold prices.
(Source：Business Insider)