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The code aimed at increasing the state’s gains from mining and strengthening sovereignty over its natural resources.
Canadian mining giant Barrick has reached a deal to settle a long-standing dispute with Mali’s government over the Loulo-Gounkoto gold mining complex.
In a press release on Monday, Barrick said it will drop its arbitration case against Mali at the World Bank dispute tribunal.
In return, Malian authorities have agreed to abandon all charges against the company and its affiliates, release four employees from jail, and give operational control back to Barrick over the Loulo-Gounkoto site.
The Canadian firm is one of the world’s largest gold producers. It entered a dispute with the Malian government after the introduction of a new mining code in 2023.The code aimed at increasing the state’s gains from mining and strengthening sovereignty over its natural resources.
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Barrick initially refused to adopt it, prompting the Malian government to take action.The crisis escalated in the past two years.In June, a Malian court placed the Loulo-Gounkoto gold mining complex under provisional administration, a measure now to be lifted.Barrick and the Malian government have not released the financial details of the agreement.
