Mali’s military government has intensified efforts to reclaim control over its gold industry, taking significant steps to assert sovereignty and reduce dependence on foreign operators. This move includes the temporary takeover of the Loulo-Gounkoto gold complex, operated by Canadian mining giant Barrick Gold, and the commencement of construction on a new gold refinery backed by Russia.
On June 16, 2025, a Malian court ordered the provisional administration of the Loulo-Gounkoto complex for six months, appointing former health minister Zoumana Makadji to oversee operations. This decision follows a prolonged dispute over unpaid taxes and a new mining code that increases government ownership stakes and taxes on foreign mining companies. Barrick Gold, which has operated in Mali for over three decades, has contested the move, initiating arbitration proceedings and offering $370 million to settle the dispute. Despite these efforts, the government has maintained its stance, citing the need to ensure fair revenue sharing and local economic benefits .
Simultaneously, Mali has begun constructing a new gold refinery in Senou, near the capital Bamako. The 200-ton capacity facility, developed in partnership with Russia’s Yadran Group and a Swiss investment firm, aims to process all gold produced in Mali domestically. This initiative is part of a broader regional trend among Sahel countries, including Guinea, Niger, and Burkina Faso, to mandate in-country processing of natural resources to add value and curb illegal exports. President Colonel Assimi Goita emphasized that the refinery would help track gold production and reduce smuggling, which has historically deprived Mali of substantial revenues .
These developments reflect Mali’s broader strategy to assert greater control over its natural resources and reduce reliance on foreign entities. While these actions have strained relations with Western partners and investors, they align with the government’s objectives of enhancing local economic development and ensuring a fairer distribution of mining revenues.
reuters.com
The situation remains fluid, with ongoing legal proceedings and negotiations between the Malian government and Barrick Gold. The outcome of these developments could have significant implications for foreign investment in Mali’s mining sector and the broader West African region.