Loulo-Gounkoto gold complex: Barrick–Mali dispute, provisional administration and settlement
- A credible failure would contaminate wetlands and water in a sub-catchment of my Gara River, part of the Falémé River basin, "being the most important source of water in the area", according to Barrick. Barrick
- At the facility's compliance point, weak-acid-dissociable cyanide exceeded the 50 mg/L limit 7 times in 2023 (up to 113.8 mg/L), 6 times in 2024 (up to 64.7 mg/L) and 10 times in 2025 (up to 134.4 mg/L on 10 July 2025), according to the cyanide audit. Eagle Environmental for the International Cyanide Management Institute
Mali and Barrick, which owns 80% of the Loulo-Gounkoto gold complex, disputed taxes, dividends and the mining code from 2023; gold was seized, operations suspended in January 2025 and a provisional administrator ran the complex from June to December 2025. A settlement announced on 24 November 2025 included a payment of about FCFA 143 billion. Barrick's disclosures for the complex's tailings facility and cyanide plant record an "Extreme" consequence classification and cyanide limit exceedances.
USD 253 million, "part of the global settlement amount" (Barrick FY2025 financial statements). Bloomberg reported, citing sources, a total of FCFA 244 billion (about USD 430 million); neither party confirmed it.
Status As of August 2026: the November 2025 settlement had been implemented; the 10-year Somilo permit renewal was still to be completed (MD&A of 4 February 2026) and Barrick's GISTM disclosure of 5 August 2026 recorded partial conformance.
- Government of Mali — A payment of about FCFA 143 billion (USD 253 million) on 28 November 2025 and, per Barrick's filing, a USD 240 million liability for retained earnings payable by 2030 Barrick Mining Corp.
- Barrick — Regained control of the complex; it contributed USD 505 million of revenue and USD 16 million of net income from 16 December 2025; permit renewal for 10 years was part of the terms Barrick Mining Corp.
- Barrick — Paid FCFA 50 billion in October 2024 and about FCFA 143 billion in November 2025; lost access to the mine for six months Barrick Mining Corp.
- Four Barrick employees — Incarcerated from 25 November 2024 until the settlement Barrick Mining Corp.
- Gara River sub-catchment (Falémé River basin) — Exposed to a tailings facility classified 'Extreme (GISTM)' for consequence of failure; WAD cyanide exceeded the 50 mg/L limit at the compliance point in 2023, 2024 and 2025 Eagle Environmental for the International Cyanide Management Institute
What happened
The Loulo-Gounkoto complex lies in the Kéniéba area of the Kayes region in western Mali, adjacent to the Falémé River on the Senegal border. The Malian state owns 20% and Barrick 80%. In 2023, according to Barrick's FY2025 financial statements, the Government of Mali demanded that the mines become subject to the 2023 Mining Code, which Barrick said was "in direct violation of the stability rights contained in the Conventions"; fiscal and customs proceedings began. Reuters reported in October 2024 that Mali sought "at least 300 billion CFA (US$512 million) in outstanding taxes and dividends". In October 2024 the Ministries of Mines and Finance alleged that Barrick had not respected its commitments, as summarised in Barrick's reply.
In early October 2024 Barrick paid FCFA 50 billion (USD 84 million in the filing, USD 85 million in Barrick's 24 October 2024 communiqué, which said the payment was made as part of ongoing negotiations although Barrick admitted no liability). Gold exports were restricted in November 2024. Barrick said the government initiated criminal proceedings alleging violations of exchange control regulations; four employees were incarcerated on 25 November 2024. Somilo and Gounkoto filed for ICSID arbitration on 18 December 2024. On 2 January 2025 the Senior Investigating Judges of the Pôle National Économique et Financier issued an interim attachment order against the gold stock, which was moved to a custodial bank on 11 January; operations were suspended on 14 January 2025.
On 16 June 2025 the Bamako Commercial Tribunal ordered six months of provisional administration at the government's request; the administrator took over on 23 June 2025. Zoumana Makadji, a former health minister, was named administrator. AFP reported in July 2025 that the authorities put part of the seized gold stock up for sale to pay wages. Barrick said on 16 June 2025 that the ICSID tribunal "has been constituted" and that it had requested provisional measures.
Barrick announced an agreement on 24 November 2025. According to its filing, the terms were the termination of the provisional administration, "the dropping of all charges against Barrick, its affiliates and employees and the release of the four detained employees", "the renewal of the Somilo Exploitation Permit for a 10 year period" and withdrawal of the ICSID claims. Barrick paid about FCFA 143 billion (USD 253 million) on 28 November 2025 and agreed to pay out all historical retained earnings of Somilo and Gounkoto by 31 December 2030, recognised as an "other liability to Loulo-Gounkoto NCI for $240 million". The parties sought withdrawal of the ICSID claims on 15 December 2025, the provisional administration ended on 16 December and the seized gold, with a carrying value of USD 92 million at removal, was returned on 18 December 2025. As of the filing (MD&A dated 4 February 2026) the 10-year permit renewal remained to be completed.
Barrick's GISTM disclosure for the Loulo tailings storage facility (5 August 2026) records partial conformance and a consequence classification of "Extreme (GISTM)". Barrick lost access to the mine and the facility during the provisional administration (June–December 2025). The disclosed risk driver is flow liquefaction of tailings, with existing controls listed as "None"; buttress construction was underway following a stoppage due to loss of site access. A credible failure would contaminate wetlands and water in a sub-catchment of the Gara River, part of the Falémé River basin. An ICMI Cyanide Code audit (audit 3–8 October 2025, report signed 22 June 2026) found "substantial compliance", with compliance issues in the previous three-year cycle, and recorded exceedances of the 50 mg/L WAD cyanide limit at the facility's compliance point: 7 in 2023 (up to 113.8 mg/L), 6 in 2024 (up to 64.7 mg/L) and 10 in 2025 (up to 134.4 mg/L on 10 July 2025). The auditor wrote that there was little evidence that the exceedances were reviewed with a view to identifying the causes. Digby Wells assessed the total closure plan cost at USD 51,815,308; the Malian government now requires closure funding to be lodged in a separate financial instrument with a Malian bank, and the mechanism on file is an unapproved 2021 Letter of Financial Strength.
- 2023Mali demands the mines become subject to the 2023 Mining Code; fiscal and customs proceedings begin
- 2024Oct: Barrick pays FCFA 50 billion; Nov: gold exports restricted; 25 Nov: four employees incarcerated; 18 Dec: Somilo and Gounkoto file for ICSID arbitration
- 20252 Jan: interim attachment order on gold stock; 14 Jan: operations suspended; 16 Jun: Bamako Commercial Tribunal orders provisional administration (administrator from 23 Jun); 24 Nov: agreement announced; 28 Nov: payment of about FCFA 143 billion; 15 Dec: withdrawal of ICSID claims sought; 16 Dec: provisional administration ends; 18 Dec: seized gold returned
- 20264 Feb: MD&A notes the 10-year Somilo permit renewal remains to be completed; 22 Jun: cyanide audit report signed; 5 Aug: GISTM disclosure for the Loulo tailings facility
What was said
“in direct violation of the stability rights contained in the Conventions”
“initiated meritless criminal proceedings … alleging violations of exchange control regulations”
“unjustly imprisoned”
“as part of ongoing negotiations… Although Barrick admits no liability”
“This will pave the way for a constructive path forward”
“Barrick is aiming to restart operations by 1 January 2026”
“the provisional administrator is seeking the funds to restart”
“there was little evidence that the exceedances were reviewed with a view to identifying the causes”
Where accounts differ
Each party's account, side by side, with its source. The record does not settle these points; it shows them.
USD 84 million (FCFA 50 billion).
Barrick Mining Corp.FCFA 244 billion (about USD 430 million): 144 billion within six days of signing, 50 billion through VAT-credit offsets and 50 billion already paid the year before. Neither party confirmed the figure.
Reuters via KitcoA payment of about FCFA 143 billion (USD 253 million) on 28 November 2025 as part of the global settlement amount, and a USD 240 million liability for retained earnings; no global figure is given.
Barrick Mining Corp.The demand to apply the 2023 Mining Code violated stability rights; the criminal proceedings were meritless; the measures were unjustified.
Barrick Mining Corp.Barrick had not respected its commitments.
BarrickThe authorities put part of the seized gold stock up for sale to pay wages.
Dakaractu / AFPThe attached gold stock was returned on 18 December 2025 and sold before the end of 2025.
Barrick Mining Corp.How it looked
Shown
- The government's actions to block exports and seize gold were "unjustified".Barrick, 16 June 2025 · Barrick
- Barrick will soon be allowed to resume normal operations.Mali's Ministry of Mines, statement via Reuters, November 2025 · Mining Technology
- Barrick had not respected its commitments.Mali's Ministries of Mines and Finance, as summarised in Barrick's reply of 24 October 2024 · Barrick
- The settlement total was FCFA 244 billion (about USD 430 million): 144 billion within six days of signing, 50 billion through VAT-credit offsets and 50 billion already paid the year before.Bloomberg, citing sources; reported by Reuters via Kitco, 25 November 2025 · Reuters via Kitco
Recorded
- Criminal proceedings alleging exchange-control violations against Barrick's Malian companies and employees were to be dropped under the settlement; no conviction is recorded.
- Tailings facility: consequence classification "Extreme (GISTM)", status partial conformance; existing controls for flow liquefaction listed as "None".
- WAD cyanide exceedances of the 50 mg/L limit at the facility's compliance point: 7 in 2023, 6 in 2024, 10 in 2025.
- Closure plan cost USD 51,815,308 (Digby Wells, September 2024 update); the financial mechanism on file is an unapproved 2021 Letter of Financial Strength.
- Modern Mining reported that the resolution contained "no environmental matters".
- The 10-year Somilo permit renewal remained to be completed as of the MD&A dated 4 February 2026.
Who gained
Reached nature or the ground
Gained elsewhere
Responses on record
- barrick (16 June 2025; 26 November 2025): Barrick said the government's actions to block exports and seize gold were unjustified and that its employees were unjustly imprisoned, that it held firm through ICSID arbitration, and, on the settlement, that it "will pave the way for a constructive path forward". · Barrick
- mali-gov (October 2024; November 2025): Mali's Ministry of Mines said Barrick would soon be allowed to resume normal operations. In October 2024 the Ministries of Mines and Finance alleged Barrick had not respected its commitments, as summarised in Barrick's reply. · Mining Technology
In court and with insurers
Lawsuits and rulings
- 2024–2025SettledCriminal proceedings against Barrick's Malian companies and employees (exchange-control regulations)Pôle National Économique et Financier, Bamako (Senior Investigating Judges) · Criminal · Government of Mali (per Barrick); Senior Investigating Judges → Barrick's Malian subsidiaries Somilo and Gounkoto, and employees
Barrick said the government initiated proceedings alleging violations of exchange control regulations. Four employees were incarcerated on 25 November 2024, and on 2 January 2025 the judges issued an interim attachment order on the gold stock. Under the November 2025 settlement all charges were to be dropped and the four detained employees released. No conviction is recorded. Barrick Mining Corp.
- 2025–2025Claimant wonProvisional administration of the Loulo-Gounkoto complexBamako Commercial Tribunal · Civil · Government of Mali → Barrick's Malian subsidiaries (Loulo-Gounkoto complex)
On 16 June 2025 the tribunal ordered six months of provisional administration at the government's request; the administrator took over on 23 June 2025. Barrick said it would appeal. The administration ended on 16 December 2025 under the settlement. Barrick Mining Corp.
- 2024–2025SettledSomilo and Gounkoto v. Republic of Mali (ICSID arbitration)International Centre for Settlement of Investment Disputes · Arbitration · Somilo and Gounkoto (Barrick subsidiaries) → Republic of Mali
Filed on 18 December 2024. Barrick said on 16 June 2025 that the tribunal had been constituted and that it had requested provisional measures. The parties sought withdrawal of the claims on 15 December 2025 under the settlement. Barrick
Insurers
What nature saw
Nature's report opens this page. Below: further outcomes measured on the ground.
What we don't know
Figures
- Insufficient Settlements: Bloomberg, citing sources; about USD 430 million; not confirmed by either party.
Accounts
Record
- Insufficient Insufficient: a downstream impacts assessment and emergency response plans are still to be updated for full GISTM conformance, due "by 2027" according to Barrick's disclosure.
- None on record None on record: an approved closure financial instrument; Mali now requires closure funding in a separate instrument with a Malian bank, and the only mechanism is an unapproved 2021 Letter of Financial Strength.
- None on record None on record: an environmental clause in the settlement; Modern Mining reported "no environmental matters".
- Not disclosed Not disclosed: the composition of "Provisions" of USD 47 million in the provisional purchase-price allocation.
- Unclear Unclear: whether the gold put up for sale by the provisional administration in July 2025 and the stock returned to Barrick on 18 December 2025 are the same portion of the seized gold.
- Unclear Unclear: whether a final ICSID discontinuance order has been issued; the parties sought withdrawal on 15 December 2025.
- Self-reported only Self-reported only: the tailings facility's consequence classification and risk controls come from Barrick's own GISTM disclosure; no independent measurement of downstream water quality is on record.
Did the harm stop?
Not established. The plant did not operate from 15 January 2025 and restarted with slurry to the tailings facility from 12 August 2025; cyanide exceedances were recorded in 2025, including 134.4 mg/L on 10 July 2025.
Who paid?
The money side was settled between Barrick and Mali (about FCFA 143 billion paid on 28 November 2025, plus a USD 240 million liability for retained earnings). For the tailings facility and Gara River catchment, no closure guarantee approved by Mali is on record.
Sources
Company or project
- Form 40-F FY2025, Exhibit 99.3: audited financial statements (Notes 4 and 35)Barrick Mining Corp. · 2026
- Barrick holding firm through ICSID arbitration amid Malian court rulingBarrick · 2025-06-16
- GISTM Principle 15 Public Disclosure, Loulo TSFBarrick · 2026-08-05
Press and investigations
- Canada's Barrick to pay $430 million to settle Mali gold mine dispute, Bloomberg News reportsReuters via Kitco · 2025-11-25
- Barrick, Mali strike deal to resolve mining disputesMining Technology · 2025-11-25
- Barrick announces resolution of its disputes with MaliModern Mining (Crown Publications) · 2025-11-26
- Barrick Gold signs new agreement with Mali to end disputeMiningmx · 2025-02-20
- Mali seeks US$500M from Barrick for past taxes, dividends: ReutersNorthern Miner / Reuters · 2024-10
- Mali: the authorities put part of the gold stock seized from Barrick up for saleDakaractu / AFP · 2025-07-10
Standard-setters and registries
- Cyanide Code Compliance Summary Audit Report, Barrick Loulo Gold Plant (audit October 2025)Eagle Environmental for the International Cyanide Management Institute · 2026-06-22
Connected cases
- Artisanal gold in Mali: mercury use and its money (Minamata National Action Plan) Mali · 2018–2020 Related matter
- Government of Mali (Government) — here: 20% owner; claimant in tax and mining-code dispute; party to the settlement; there: Ministry of Environment, Sanitation and Sustainable Development published the plan
- Mali gold mine closures handed to the state: Yatela, Morila and Sadiola closure money Mali · 2019–2025 Related matter
- Government of Mali (Government) — here: 20% owner; claimant in tax and mining-code dispute; party to the settlement; there: Buyer of Yatela; created the closure fund; took over Yatela and Morila
- Brisas gold-copper project: 2008 revocation of the environmental permit in Imataca and Gold Reserve's ICSID award Venezuela · 2007–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Arbitral forum
- Las Cristinas gold project: 2008 permit denial in the Imataca reserve, Crystallex ICSID award and court-ordered sale of CITGO's parent Venezuela · 2008–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Arbitral forum
- Malibya concession in the Office du Niger and the Inner Niger Delta water balance Mali · 2008–2019
- Government of Mali (Government) — here: 20% owner; claimant in tax and mining-code dispute; party to the settlement; there: Party to the 2008 convention; granted the land and water rights
- Rockhopper v. Italy (Ombrina Mare): the ICSID award and who financed it Italy · 2015–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Arbitration institution; annulment committee
- Rusoro Mining award for the El Callao gold mines: Venezuela's unquantified natural-resource counterclaim and Rusoro's role in the CITGO sale Venezuela · 2008–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Arbitral forum
- Siembra Minera: the merged Brisas–Cristinas area in the Orinoco Mining Arc, the 2022 revocation and Gold Reserve's new arbitration Venezuela · 2016–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Arbitral forum
- Somaïr nationalisation, Orano's ICSID arbitration and the Niger uranium stock Niger · 2023–2026
- International Centre for Settlement of Investment Disputes (ICSID) (International organisation) — here: Arbitration filed by Somilo and Gounkoto against Mali; there: Tribunal in ARB/25/8; order of 23 September 2025
- Tanzania fines Acacia Mining USD 2.4 million over alleged North Mara pollution Tanzania · 2019
- Barrick (Company) — here: 80% owner of the Loulo-Gounkoto complex; party to the settlement; there: Says it invested USD 65 million in treatment
- US EXIM Bank approves $1.25 billion for Reko Diq copper-gold project Pakistan · 2025
- Barrick (Company) — here: 80% owner of the Loulo-Gounkoto complex; party to the settlement; there: 50% shareholder