The bullion, containing all of the seized gold, has been held at Banque Malienne de Solidarité in Bamako since January, when it was confiscated by a military helicopter following a court order.
However, under the latest ruling, Barrick will be responsible for transporting the gold from the vaults, marking a step toward normalizing operations at the Loulo-Gounkoto complex.
Settlement Ends Long-Running Dispute
The return of the gold follows last month’s agreement between Barrick and Mali’s government, in which the company agreed to a 244 billion CFA francs ($430 million) settlement, ending a two-year dispute that had halted operations at one of its key gold mines.
The standoff centered on a new mining code introduced by the military government, which increased Mali’s share of revenue from gold miners amid record-high prices.
As part of the settlement, Barrick agreed to pay $430 million. In addition, a court-appointed provisional administrator is scheduled to return control of the Loulo-Gounkoto complex next week, following earlier control assumed by the military junta after previous seizures, according to Reuters.
The agreement also secured the release of four Barrick employees who had been detained since November 2024 and led the company to drop its international arbitration case against Mali.
Operations Halted After January Seizure
The dispute escalated in January when the Malian government seized gold from the complex and transported it to the central bank by helicopter.
Consequently, Barrick said the seizure voided its insurance coverage and forced a temporary suspension of operations. Analysts at Jefferies estimated the halt could reduce the company’s 2025 earnings before interest, taxes, depreciation, and amortization by about 11%.
Previously, Mali had demanded roughly $500 million in unpaid taxes from Barrick, though the company maintains it acted appropriately and noted it paid $85 million to the government in October 2024.
Boost for Western Investment
The resolution also comes at a time when Western investors, particularly from the U.S., are increasingly looking to explore Mali’s diverse and largely untapped natural resources, including gold, lithium, and other minerals.
Mali has been mired in political unrest over the past decade, reflecting broader turmoil across West and Central Africa. Consequently, stabilizing mining operations may be critical to attracting foreign capital while gold prices remain near record highs.
