Barrick, Mali strike deal to resolve Loulo-Gounkoto mining disputes

Core Points - Barrick Mining has reached an agreement with the Government of Mali to resolve disputes related to the Loulo and Gounkoto mines, leading to the dropping of all charges against Barrick and the initiation of legal steps for the release of four detained employees [1][2] - The provisional administration of the Loulo-Gounkoto complex will be terminated, and operational control will be returned to Barrick, allowing both parties to move forward constructively [2] - Mali has agreed to extend Barrick's mine permit for an additional ten years, and Barrick will sign the 2023 mining code, with plans to restart operations by January 1, 2026 [3] Financial Impact - Barrick wrote off $1 billion in revenue from the Loulo-Gounkoto mine due to the dispute, and the former CEO Mark Bristow departed as a result [5] - Following the resolution of the dispute, Barrick shares rose 8.5% to an all-time high of C$55.93 in Toronto [5] Background Context - The dispute stemmed from Mali's new mining code aimed at increasing the country's share of revenue from gold miners during a period of record-high gold prices, which included the military-led government's seizure of three tonnes of gold from Barrick's mine [4]