Mali-Loulo License Extended as Barrick Moves Ahead with North American IPO

Barrick Mining has secured formal approval from Mali to prolong the Loulo gold mine?s extraction rights by a decade. The decree, issued on February 13 by Mali?s military-led government, extends Barrick?s license for the Loulo-Gounkoto complex. The renewal follows a November 2025 settlement between Barrick and the Malian authorities over profit sharing and control of the Loulo-Gounkoto operations.

In conjunction with the extension, Barrick completed a fresh feasibility study. The assessment identifies economically viable reserves for six years of open-pit mining and 16 years of underground mining, with annual gross production projected at about 421,000 ounces.

The Loulo-Gounkoto complex, located in western Mali, stands as the country?s largest gold mine and is Barrick?s most lucrative asset. In 2024, the operation generated roughly $900 million in revenue. The Mali agreement also included Barrick withdrawing its arbitration claim at the World Bank Tribunal, while Mali dropped all allegations against the Canadian group and handed back operational control.

Newmont, Barrick?s U.S. JV partner, has voiced concerns about the performance of Nevada Gold Mines under Barrick?s management. Newmont contends that the joint venture has experienced a decline in performance and value over the last six years and says it is taking ?appropriate steps? to address the issues with Barrick.

Nevada Gold Mines, formed in 2019, is led by Barrick with a 61.5% stake and Newmont holding 38.5%. RBC analyst Josh Wolfson notes that the venture accounts for around 60% of Barrick?s overall market value. Newmont retains a right of first refusal on any potential sale of Barrick?s stake, and any transaction must comply with the joint-venture agreements? protective provisions, including transfer restrictions.

Barrick remains committed to its planned North American asset IPO, positioned to wrap up by the end of 2026. The spin-off would encompass Barrick?s stake in Nevada Gold Mines, the Pueblo Viejo mine in the Dominican Republic, and the Fourmile project in Nevada. The company intends to offer 10% to 15% of the new unit while retaining majority control. Whether Newmont?s objections could derail the timetable remains uncertain, given the substantial contractual hurdles involved.