Barrick Secures Loulo Permit Renewal as Mali Mining Code Reshapes Sector
The Government of Mali has extended Barrick Mining’s gold permit for the Loulo project by ten years, a move announced by the nation’s military leader. Following the resolution of a long-standing dispute in 2024, this renewal signals renewed cooperation between Mali and Barrick Mining.
The dispute centred on profit-sharing and control of the Loulo-Gounkoto gold mining complex, which was resolved after months of negotiation. Mali’s 2023 mining code played a pivotal role in triggering these talks by introducing higher taxes and increasing the state’s share in mining projects. The revised code altered the investment landscape by making operations more costly for international companies, boosting government revenue, and compelling major firms like Barrick to renegotiate their agreements to maintain profitability and operational control.
Under the terms agreed, Barrick has withdrawn its arbitration case filed with the World Bank’s dispute tribunal. Concurrently, Mali has pledged to drop all legal charges against Barrick and its subsidiaries, release detained employees, and restore full operational control of the Loulo-Gounkoto complex to Barrick.
As part of the renewed permit, Barrick completed a new feasibility study that confirms economically viable reserves sufficient for six years of open-pit mining and 16 years of underground operations. Projected annual gold production is estimated at 420,920oz, with expectations for Barrick’s output at Loulo-Gounkoto to remain above 400,000oz per year through at least 2030, ensuring continued strong performance in the region.
In 2024, the Loulo-Gounkoto complex generated nearly $900m (C$1.23bn) in revenue, solidifying its status as Mali’s largest gold producer and a critical contributor to Barrick’s financial results.
Earlier, in November 2025, Barrick completed the sale of the Hemlo Gold Mine in Canada to Carcetti Capital, which subsequently renamed the asset Hemlo Mining Corporation (HMC). The transaction, valued at up to $1.09bn, included $875m in cash and $50m in HMC shares payable at closing, with an additional $165m in payments contingent on production levels and gold prices, beginning in January 2027 and spread across five years.
The completion of this deal followed an agreement reached in September 2025, marking another significant milestone in Barrick’s global portfolio.
