Barrick Gold Secures Key Milestone in Mali Dispute Resolution

A significant development in Barrick Gold's protracted dispute with the government of Mali has unfolded this week, marking a critical step toward resolution. On Friday, December 12, authorities returned approximately three tons of seized gold to the Canadian mining giant. This action is widely viewed as a tangible implementation of the settlement agreement originally reached in late November.

The restitution of the precious metal, valued at roughly $400 million, represents a pivotal moment in a conflict that has hampered Barrick's African operations for months. The gold was initially confiscated in January 2025 following disagreements over tax assessments and the application of a new mining code.

According to sources close to the company, the physical return of the bullion initiates the process of fully restoring operational command. The provisional management installed by Mali's government is expected to hand over control of the crucial Loulo-Gounkoto mining complex to Barrick's leadership team within the coming days.

This progression is built upon the foundation of the November 24 settlement. Under its terms, Barrick committed to a payment of approximately $430 million to the Malian state. In exchange, the government dropped all allegations against the company and its personnel—four of whom were released in November—and terminated the forced administration of the assets.

A Dual Strategy: Stabilizing Africa While Eyeing a North American Spin-Off

Concurrently with stabilizing its African business, Barrick is pursuing a strategic corporate realignment. The corporation revealed on December 1 that it is evaluating an initial public offering (IPO) for its North American gold assets.

Should investors sell immediately? Or is it worth buying Barrick?

This proposed spin-off would transfer premier projects into a new, independent entity. These include its 61.5% stake in Nevada Gold Mines—a joint venture with Newmont—and its interest in the Pueblo Viejo mine. The objective is to attract investors specifically seeking exposure to stable North American jurisdictions, thereby sidestepping the geopolitical risks associated with operations in countries like Mali or the Democratic Republic of Congo.

Market observers interpret the timing of these two events as a deliberate strategic sequence. By resolving the Mali situation, Barrick effectively removes a major overhanging risk before highlighting the potential value creation offered by the planned asset separation.

The Path Forward for Investors

The official handover of operational control at Loulo-Gounkoto is anticipated next week, constituting the final step in normalizing relations with Bamako. This complex is a substantial contributor to Barrick's cash flow, and the multi-month export blockade had noticeably pressured earnings.

Investors can expect further details regarding the contemplated IPO when Barrick releases its full-year 2025 financial results in February 2026. With the Mali conflict now settled, a central uncertainty has been eliminated, fundamentally improving the investment thesis for the company's shares.