The renewal follows a November agreement that resolved tensions triggered by Mali’s 2023 mining code, which increased taxes and expanded state participation in extractive projects.
Under the settlement, the Canadian-based Barrick Mining withdrew its arbitration case at the World Bank dispute tribunal, while Mali dropped legal charges against the company and its affiliates, released detained staff, and restored operational control of the mine.
Mali’s leader said the agreement “restores stability and clarity” to a sector that underpins national revenues, reinforcing the government’s message that reforms will be enforced but negotiated outcomes remain possible.
As part of the renewal process, Barrick completed a new feasibility study confirming economically viable reserves for about six years of open-pit mining and 16 years of underground mining. The study projects gross annual output of roughly 420,920 ounces.
For investors and policymakers alike, the deal signals a cautious reset between African governments and global miners amid tighter resource nationalism.