Mali hearing on Barrick's suspended Loulo-Gounkoto complex adjourned to June 12

A Malian court has adjourned until June 12 a hearing on whether to put the Loulo-Gounkoto gold mining complex, suspended since January due to a dispute between its owner Barrick Mining and Mali's government, under provisional administration, a judge said on Thursday.

The government's request to appoint an administrator comes amid soaring gold prices, and signals its desire to end the standoff and reopen the complex.

Granting the request would represent a major escalation of a years-long dispute over taxes and ownership between the West African country and the Canadian miner, which suspended operations in January after authorities blocked its exports and seized its gold stock.

Barrick Mining, previously called Barrick Gold, has said operations can only resume when the Malian government removes the restrictions on gold exports imposed in November.

As a shareholder in the mining complex, the Malian state last month asked the Bamako Commercial Court to appoint a provisional administrator to take over the mines.

Barrick and the military-led government have been at odds since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the gold mines.

Outside of court, negotiations between the two sides continue, according to two people close to the talks. Barrick has also launched an international arbitration case against Mali over the dispute.

Gold prices hit a record $3,500.05 per ounce on April 22.

Reuters