The government of Mali plans to sell gold previously seized from Canadian mining giant Barrick Gold to restart operations at the country’s largest gold mining complex.
According to a report published by Reuters, the court-appointed administrator of the Loulo-Gounkoto gold mine has announced the intention to sell one metric ton of gold—valued at over $170 million—to cover the mine’s operational costs. These include worker salaries, fuel, and contractor payments, after nearly six months of inactivity.
Barrick, which owns an 80% stake in the complex—one of the largest gold mines in the world—halted operations in January 2025 after the Malian government, which owns the remaining 20%, seized nearly 3 metric tons of gold. The seizure stemmed from a tax dispute linked to revisions in Mali’s 2023 mining law, which gave the state greater control and a larger share of profits from the country's mineral resources.
The ton of gold being sold now is separate from the gold seized in January. It had already been mined and was stored at the facility prior to the suspension of operations.
Before the suspension, Loulo-Gounkoto accounted for nearly 15% of Barrick’s revenue and was considered the second most valuable asset in its global portfolio.
Following the impasse, the military-led government in Bamako petitioned a Malian court in June to appoint a government administrator to reopen the mine. On June 16, the court approved the request, appointing Soumana Makadji—a former Malian health minister and accountant—as provisional administrator.
While Barrick has initiated international arbitration, legal experts believe the company is unlikely to receive meaningful relief, especially since Mali is not expected to comply with any future ruling issued by the International Court of Justice (ICJ).
The move to place the mine under government control is seen as a first step toward full nationalization, particularly as Barrick has ceased issuing profit forecasts for its Malian operations—suggesting the company may have already written off the asset.