Barrick Gold has reached an agreement with Mali to end the current dispute over its mining assets in the West African country, Reuters reported, citing four people familiar with the matter.
According to the news agency, the agreement is pending formal approval by the Malian government.
As part of the agreement, Barrick will pay a total of 275 billion CFA francs ($438 million) to the Malian state in exchange for the release of detained employees, the return of confiscated gold, and the resumption of operations at the Loulo-Gounkoto mine.
Barrick did not immediately respond to an email inquiry from MINING.COM.
The gold miner's shares were down 0.45% Thursday afternoon in Toronto at C$26.60 (US$18.75), giving the company a market capitalization of C$40.6 billion (US$28.6 billion).
Last week, Barrick said it was considering placing its suspended Loulo-Gounkoto mining complex, one of the largest in Mali, on care and maintenance.
The Toronto-based mining company filed for arbitration with the International Centre for Settlement of Investment Disputes in December.
For now, the Loulo-Gounkoto mine is excluded from the company's forecasts, with production expected to return to projections in 2027.
Meanwhile, the Canadian miner reported strong performance in the fourth quarter of 2024 on Thursday, with gold production up 15% and copper production up 33% over the previous three months, enabling it to meet its annual production guidance.
MINING.COM