BAMAKO - Mali's government approved a draft decree renewing Barrick Mining's ​Loulo gold mining ⁠permit for an additional 10 years, ‌the West African country's military leader said in a ​statement on Friday. Mali, one of Africa's leading gold producers, ​resolved a ​dispute in November with Barrick over profit-sharing and control of the Loulo-Gounkoto gold mining complex ⁠after two years of negotiations, sparked by a 2023 mining code that raised taxes and increased the state's stake in projects.

Barrick agreed to ​withdraw ‌its arbitration ⁠case at ⁠the World Bank's dispute tribunal, while Mali said it would ​drop all charges against the ‌Canadian miner and its affiliates, ⁠release the company's employees and return operational control of the complex to the Canadian miner.

As part of the permit renewal process, Barrick carried out a new feasibility study that identified economically viable reserves supporting six years of open-pit mining and 16 years of underground mining, ‌with gross annual production estimated at 420,920 ounces, ⁠the statement said. The Loulo-Gounkoto mining ​complex in western Mali is the country's largest producer and Barrick's most profitable mine, generating almost $900 ​million ‌in revenue in 2024.