Malian Military Seizes Over $100 Million in Gold from Barrick Mine Amid Escalating Dispute

Bamako, Mali – In a dramatic escalation of its ongoing dispute with Canadian mining giant Barrick Gold Corp., the Malian military government confirmed it seized over one metric ton of gold, valued at more than $100 million, from Barrick’s Loulo-Gounkoto gold mining complex on Thursday evening, July 10, 2025. Military helicopters made an unannounced landing at the mine to transport the precious metal.

The seizure marks the latest move in a protracted conflict between Mali’s ruling junta and Toronto-based Barrick, one of the world’s largest gold producers. This incident follows an earlier seizure of three metric tons of gold from the same site in January 2025, which led to Barrick suspending operations at the complex, halting exports, and seeing several senior staff members detained.

The gold taken on Thursday is reportedly intended for sale by a provisional administrator, Soumana Makadji (a former health minister), who was appointed by a Malian court in June 2025 to oversee the mine’s operations. Sources indicate that the funds from the gold sale, estimated to be between $106.4 million and $117.2 million, will be used to finance the mine’s operations, including salaries and payments to contractors, as the government-appointed administration moves to restart production. Operations at the complex reportedly resumed on Monday, July 7, 2025, under state control.

Barrick, however, maintains that any plans by the administrator to restart operations or sell gold from the site are “illegitimate and ill-advised.” The company has initiated international arbitration proceedings through the International Centre for Settlement of Investment Disputes (ICSID) to protect its investments and rights under existing mining conventions. Barrick CEO Mark Bristow has strongly condemned Mali’s actions.

ADVERTISEMENT

The two-year standoff between Barrick and the Malian government stems from alleged unpaid taxes and the company’s resistance to a new mining code introduced in 2023, which aims to increase state revenue from the country’s rich natural resources. The military junta, which seized power in 2020 and 2021, has expressed its determination to assert greater control over Mali’s wealth. The gold seizure also coincided with the junta leader, Colonel Assimi Goïta, signing a law granting himself an indefinite mandate.

The Loulo-Gounkoto complex is one of Africa’s largest gold operations and a significant contributor to Mali’s economy.

The ongoing dispute highlights increasing resource nationalism in the region and presents significant challenges for foreign investors in Mali’s mining sector.