Mali’s ruling military junta is asserting greater control over the nation’s lucrative gold industry, targeting foreign companies and expanding domestic refining capabilities with Russian support.
This week, the government escalated tensions with Canadian Barrick Gold by taking provisional control of its flagship Loulo-Gounkoto gold complex—Africa’s largest gold-producing mine.
A Malian court ordered the six-month administration of the mine, appointing former health minister Zoumana Makadji to oversee operations, citing an unresolved tax dispute.
This dispute with Barrick, which has operated in Mali for nearly 30 years, has intensified since last December, when authorities issued an arrest warrant for Barrick CEO Mark Bristow over allegations of unpaid taxes and contract violations. Barrick maintains legal ownership of the mine through its subsidiaries but acknowledges that day-to-day control now lies with the junta’s appointee. The company condemned the detention of several local employees and is currently pursuing international arbitration while seeking dialogue with Malian officials.
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At the same time, Mali is advancing efforts to localize more of its gold industry. On the outskirts of Bamako, construction has begun on a major gold refinery, a joint venture with Russia’s Yadran Group and a Swiss investment partner.
The facility is designed to process up to 200 tonnes of gold annually—well beyond the country’s current production—and is intended to reduce Mali’s reliance on foreign refineries in countries like the UAE and Switzerland.
Colonel Assimi Goita, Mali’s interim president, called the refinery a major milestone in restoring national sovereignty over the country’s natural resources. Since seizing power in 2020, the junta has vowed to transform Mali’s mining sector to better serve national interests, amid a broader pivot away from traditional Western alliances toward new partnerships with Russia.
