Canada-based Mining giant Barrick has asked the World Bank to intervene ahead of a key court ruling in Mali that could see the government assume control of the country’s largest and world’s 8th largest gold mine, the Loulo-Gounkoto complex.
The Malian government filed a request last week to place the mine under provisional state administration, citing the need to reopen the site, which has remained shut since January. In response, Barrick filed a motion for “provisional measures” with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The company is seeking an injunction to prevent Bamako from taking further steps toward nationalizing the mine.
Barrick owns 80% of the Loulo-Gounkoto mine, with the Malian government holding the remaining 20%. The mine was closed after authorities seized over three tons of gold in the midst of an ongoing tax dispute between the two sides.
The dispute comes in the wake of sweeping changes to Mali’s mining code passed in 2023. The new law increases government and local ownership stakes in mining operations and aims to secure a larger share of profits from the country's resource wealth. While most foreign firms have reportedly complied with the new regulations, Barrick has resisted both additional tax payments and increased state control over the mine.
Tensions escalated last month when the government threatened to nationalize Loulo-Gounkoto and carried out raids on Barrick’s offices. Equipment was seized, employees were arrested, and the company’s local director was detained.
Despite Barrick’s appeal to the ICSID, the outcome may carry little weight in Bamako. A senior Malian official told Reuters on Thursday that the dispute is “strictly domestic” and not subject to international arbitration.
The standoff reflects a broader trend in Mali and across the Sahel region. Since military takeovers in 2020 and 2021, Mali and its allies in Burkina Faso and Niger have pursued policies aimed at reclaiming control over their natural resources—long dominated by foreign companies—arguing that past deals delivered minimal benefit to local populations.