The International Centre for Settlement of Investment Disputes (ICSID) has rejected an emergency request filed by Barrick Gold Corporation against the Malian state.
The ruling on October 31 means that the court will not suspend the decisive actions taken by Bamako regarding the management and taxation of the vital Loulo-Gounkoto gold mining complex.
The dispute centers on tax arrears and mining royalties owed to the Malian government, an issue that has led to heightened tensions between the state and the Canadian company.
The rejection follows a series of aggressive moves by the Malian authorities. In June 2025, Mali took the unprecedented step of seizing three tons of gold—valued at an estimated $245 million—and placing the Loulo-Gounkoto complex under provisional state administration. Barrick had sought an immediate suspension of these measures, arguing that they threatened the continuity of its operations.
However, the ICSID, an affiliate of the World Bank, ruled that there was no emergency situation that warranted suspending the measures taken by Mali.
The government’s actions stem from a 2024 demand for approximately $500 million in taxes and penalties from Barrick. While the company claims to have paid $85 million in October 2024 and reached a settlement agreement in February 2025 for 275 billion CFA francs (approximately $438 million), the disagreement persists.
As the ICSID rejected the emergency motion, the case will now proceed to be examined on its merits to determine the precise tax and contractual responsibilities of each party.
The Loulo-Gounkoto mine, which produces over 600,000 ounces of gold annually, is a critical revenue source for Mali. The entire extractive sector is closely monitoring this dispute as Bamako continues to tighten its control over natural resources, supported by a new 2023 mining code that strengthens taxation and local content requirements.
MD/te/Sf/fss/abj/APA