Mali Takes Control of One of Africa’s Largest Gold Mines and Launches Its Own Refinery

Pedro Stropasolas

02 Jul 2025

First brick of Mali's new refinery laid by President Goïta. Photo: Presidency of Mali

Mali’s mining code change in 2024 puts pressure on foreign companies in the country.

Originally published in People's Dispatch.

The Loulo-Gounkoto complex, one of the largest gold mines in the world currently owned by the Canadian company Barrick Mining, has been placed under the provisional administration of the State of Mali. The measure was formalized on Monday, June 16, by the Commercial Court of Bamako and takes place amid a dispute between the Malian government, led by Colonel Assimi Goïta, and the multi-national company.

Mali, Africa’s second-largest gold producer and the world’s fourth-largest, says Barrick owes taxes and operates under unfavorable contracts signed with previous governments. In response, the company said it would appeal the court ruling.

The court appointed former Malian Health Minister Zoumana Makadji as the mine’s interim administrator. Officials from Mali’s government, which reformed its mining code in 2023, said the decision “protects national economic interests” and prevents “a sudden closure of the mine in the absence of a revised agreement.” The mine accounts for about 14% of Barrick’s revenues, and Mali holds a 20% stake.

Back in May, the government had officially requested that the court change the management of the mine, citing an interest in reopening it at a time of historic highs in gold prices. The dispute with Barrick led to the closure of the company’s offices in Bamako, the capital of Mali. The government also issued an arrest warrant for the company’s CEO, Mark Bristow, in December 2024. The company has offered USD 370 million to the Malian state amid the dispute.

In a statement, Barrick said that “while its subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator.”

The tension between Mali and Barrick is not an isolated case. As part of a new policy to strengthen the national economy, the Malian government – a member of the Alliance of Sahel States (AES) alongside Burkina Faso and Niger – has been putting pressure on several foreign companies in the mining sector.

West Africa’s first state-owned refinery

On the same day it took over management of the mine, the government began construction on West Africa’s first state-owned gold refinery, in partnership with the Russian conglomerate Yadran.

Located in Senou, 19 km from Bamako, the refinery will have the capacity to process up to 200 tons of gold per year. Mali will be a majority shareholder in the project, which aims to ensure that the nation can benefit directly from its mineral resources, without relying on foreign refineries.

“This is a long-awaited dream of the Malian people and today it has become a reality,” said President Assimi Goïta, laying the first brick at the groundbreaking ceremony.

Yadran Group Chairman Irek Salikhov welcomed the initiative and said the refinery is set to become a regional processing hub, also serving neighboring countries such as Burkina Faso. According to him, the goal is to enable Mali to “refine all the gold mined on its territory, putting an end to decades of exporting raw ore.”

There is still no official deadline for the completion of the refinery, which represents another step by the Malian government towards sovereign control over the gold production chain.

First published in Portuguese on Brasil de Fato.

Mali

African Economies

imperialism

Assimi Goïta

mining

gold

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