Barrick Gold Secures Operational Control at Key Mali Mine Complex

Barrick Gold Corporation has now formally restored its full operational authority over the Loulo-Gounkoto mining complex in Mali. This move finalizes a settlement initially reached with the country's military government in November. While the confirmation has elicited a muted market response compared to the significant share price rally following the original agreement, it represents a crucial operational milestone for the miner.

The mining complex had been under the provisional management of the Malian state since June. According to an internal company communication issued on Friday, this transitional administrative structure has been officially dissolved. Barrick resumes complete operational control, effectively concluding a dispute centered on the application of Mali's 2023 mining code.

The essential terms of the now-implemented settlement include:

• Payment to the State of Mali: 244 billion CFA francs (approximately $430 million USD) to settle retrospective tax claims and associated penalties.
• Gold Restitution: The return of roughly 3 tons of previously confiscated gold, valued at about $400 million. This inflow substantially offsets the liquidity impact of the settlement payment.
• Legal Resolution: The dismissal of all legal proceedings against company personnel and the release of four employees detained in late 2024.

The core agreement, seen internally as a "Grand Bargain" orchestrated by interim CEO Mark Hill, was struck in late November. Its announcement initially propelled Barrick's share price upward by more than 8%, primarily driven by reduced expropriation fears surrounding one of the company's most significant assets in West Africa.

Strategic and Market Implications

From a financial perspective, the nominal settlement figure is substantial. However, the concurrent return of the gold inventory limits the immediate net impact on the company's balance sheet. The market had largely priced in this positive development following November's rally, which reflected investor relief at retaining a complex historically responsible for about 15% of Barrick's attributable gold production. The recent sideways trading pattern suggested many were awaiting confirmed operational handover—a condition now satisfied with Friday's update.

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

For the wider Sahel mining industry, the conflict served as a test case for the resource policy ambitions of new military regimes. In exchange for the financial settlement, Barrick has secured a ten-year extension to its mining license, trading a one-time financial charge for long-term legal certainty.

The company's withdrawal of its case from the International Centre for Settlement of Investment Disputes (ICSID) underscores a political reset with authorities in Bamako. Operationally, management can now refocus greater attention on its expansion efforts in North America and the ramp-up of the Nevada Gold Mines joint venture.

Operational Focus and Forward Guidance

With the transitional administration lifted, the priority shifts to the phased production ramp-up at Loulo-Gounkoto. Barrick intends to fully integrate the complex into its 2026 production forecast, thereby supporting its long-term output targets.

Following its November breakout, the stock's technical posture remains constructive. More concrete financial details are expected in February 2026, when Barrick plans to use its Q4 earnings report and 2026 guidance to outline the precise impact of the new fiscal framework on its per-ounce All-in Sustaining Costs.