Barrick Gold Resolves Key African Dispute While Pivoting to North America

Barrick Gold has successfully concluded a two-year standoff, regaining full operational control of its critical Loulo-Gounkoto gold mining complex in Mali. This resolution removes a significant geopolitical overhang for the company, coinciding with its shares trading near a 52-week high above US$43. The settlement arrives as the mining giant simultaneously advances a strategic refocusing of its portfolio toward North American assets.

The resolution of the Mali situation occurs alongside a major corporate development. On December 1, 2025, Barrick’s board of directors unanimously approved an exploration of an initial public offering (IPO) for a new subsidiary, tentatively dubbed "NewCo." This entity would consolidate Barrick’s premier North American gold holdings.

Assets slated for inclusion in NewCo are:
* Its joint venture interests in the Nevada Gold Mines.
* The Pueblo Viejo mine in the Dominican Republic.
* The 100%-owned Fourmile gold discovery in Nevada.

Mark Hill, Barrick’s Group Chief Operating Officer and interim President & CEO, highlighted the caliber of these operations. He noted that the Nevada and Dominican Republic assets rank among the world's finest, located in highly favorable mining jurisdictions. He further described the Fourmile project as one of the most substantial gold discoveries this century, suggesting it could propel NewCo into "a league of its own." Barrick intends to retain a controlling majority stake in the subsidiary following any potential public listing. More detailed financial guidance is expected when the company releases its full-year 2025 results in February 2026.

Details of the Mali Agreement and Mine Restart

The protracted dispute with Mali’s military government, which had halted operations since January 2025, was formally settled in late November 2025. According to an internal memo cited by Reuters, Barrick has initiated a phased restart of production at Loulo-Gounkoto, beginning with mandatory safety and operational training for staff and contractors, as confirmed by Sebastiaan Bock, Director of Operations for Africa and the Middle East.

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The comprehensive settlement includes several key provisions:
* A payment of approximately US$430 million by Barrick to resolve outstanding claims.
* The dismissal of all government charges against the company.
* The release of four Barrick employees detained since November 2024.
* The dissolution of the provisional administration that had been overseeing the mining complex.
* A court-ordered return of 3 tonnes of gold (valued at roughly US$400 million) seized by military helicopter in January 2025.

Loulo-Gounkoto is one of Africa's largest gold mines, producing approximately 723,000 ounces of gold in 2024. It remains a cornerstone asset in Barrick’s global portfolio.

Strong Financial Foundation Supports Strategic Moves

These strategic maneuvers are underpinned by a robust financial position. Barrick reported record third-quarter 2025 results on November 10, 2025. This strong operational performance and cash flow generation have provided the company with the flexibility to pursue both substantial settlements, like the one in Mali, and strategic portfolio actions, such as the contemplated NewCo IPO.

The confluence of a solid operational base, the resolution of a major geopolitical risk, and the planned restructuring of top-tier North American assets positions Barrick to present a clearer roadmap for future growth and capital allocation when it announces its annual figures next February.