Wedoany.com Report-Dec.17, Barrick Mining has resumed operational management of the Loulo-Gounkoto mine complex in Mali and is scheduled to receive three tonnes of gold from local authorities.

Barrick is a gold and copper producer with a global portfolio spanning prolific districts.

This resolution follows an accord reached between Barrick and the Government of Mali, concluding a prolonged period of disagreement that had resulted in the temporary halt of activities at this significant gold production site.

According to the company's legal counsel, official directives have been issued for the return of the previously seized gold, with the formal transfer of mine control anticipated upon conclusion of remaining procedural steps.

The gold in question was held earlier in the year during the operational suspension and will now be released as part of the settlement process.

Representatives from Mali's Mining Ministry chose not to provide comments on the matter.

The agreement includes Barrick's commitment to a payment of CFA Fr244 billion ($437 million) and the withdrawal of its international arbitration proceedings against the country. In return, authorities have agreed to discontinue related claims against the company.

Operations at the Loulo-Gounkoto facility restarted in October after an interruption lasting over nine months.

Additionally, four Barrick personnel who had been held during the course of the dispute were freed last month.

Barrick operates as a major producer of gold and copper, maintaining a diverse portfolio of assets located in established mining regions worldwide. The company focuses on developments characterized by strong profitability and extended operational lifespans.

In a separate transaction, Barrick recently completed the sale of its holdings in the Tongon gold mine, together with certain exploration properties in Côte d’Ivoire, to Atlantic Group.

The Loulo-Gounkoto complex stands as one of Barrick's core facilities, contributing substantially to its overall gold output through efficient extraction from high-quality deposits.

Resolution of the standoff enables continuity in production, supporting steady supply to global markets while maintaining employment and economic activity in the host region.

The mutual withdrawal of legal actions reflects a pragmatic approach to restoring collaborative relations between the mining operator and national authorities.

Return of the confiscated material aligns with procedural norms, ensuring alignment with the negotiated terms.

By settling outstanding issues, both parties facilitate a return to standard operating conditions, allowing focus on resource development and value creation.

Barrick's global strategy emphasizes responsible management of tier-one assets, balancing operational excellence with stakeholder considerations.

The divestment in Côte d’Ivoire represents portfolio optimization, redirecting capital toward priority projects elsewhere.

Resumed control at Loulo-Gounkoto reinforces the company's position in West African gold production, a region known for substantial reserves.

Ongoing activities at the site incorporate advanced techniques to maximize recovery rates and extend mine life.

This development underscores the importance of constructive dialogue in resolving operational challenges within the international mining sector.

Overall, the agreement paves the way for sustained contributions from the mine to Barrick's performance and to local economic frameworks.