The Malian authorities have just announced that they are considering revoking the mining license of Barrick Gold Corporation due to the company’s failure to meet its commitments. This decision, formalized through a joint statement from the Ministries of Economy and Finance and Mines, underscores Mali’s resolve to protect its interests and ensure a fair distribution of mining revenues.
The revised agreement signed with Barrick Gold in September aimed to reinforce the company’s social and environmental responsibilities and ensure compliance with Malian regulations. However, according to authorities, Barrick has not fulfilled its promises, jeopardizing the continuity of operations at the Loulo-Gounkoto mining complex, in which the Malian state holds a 20% stake.
This development comes as Mali, under the leadership of Transitional President Colonel Assimi Goïta, intensifies effortsto regain sovereignty over its natural resources. In addition to negotiations with Barrick, Mali has recently completed the nationalization of the Yatela gold mine, previously owned by South African and Canadian companies, further affirming its commitment to ensure that “gold shines for Malians.”
The introduction of a new mining code in 2023 also reflects this ambition, allowing the state to hold up to 35% of shares in foreign companies operating in Mali. Malian authorities reaffirm their stance: the country’s natural resources should primarily benefit the Malian people, within a framework that fully respects the law and sustainable development principles.
