Barrick Gold Secures Major De-Risking Milestones

Barrick Mining CA0679011084

Significant progress on two critical fronts has substantially reduced the operational and political overhang for Barrick Gold Corporation. The resolution of a high-stakes dispute in Mali and a strategic pivot in financing for a flagship project in Pakistan are shifting investor focus toward the company's growth potential.

Barrick Gold has reconfigured the funding strategy for its massive Reko Diq copper-gold project in Pakistan. Following the collapse of earlier discussions with Saudi Arabia's Manara Minerals, the company is now pursuing a financing package backed by institutions from G7 nations.

The new model involves securing approximately $3.5 billion in debt financing, with support expected from entities including the U.S. Export-Import Bank and the United States International Development Finance Corporation (DFC). This proposed structure would cover about 50% of the total $7 billion investment through debt, with Barrick and the Pakistani government providing the remaining equity.

This shift toward development finance institutions from major economies is viewed as a move that could enhance the project's political stability. The clear financing framework is intended to pave the way for targeted production commencement in 2028.

Full Operational Control Restored in Mali

A major source of uncertainty has been removed with the settlement reached between Barrick and the government of Mali. The agreement, valued at $430 million (244 billion CFA francs), has normalized operations at the crucial Loulo-Gounkoto complex.

A central component of the deal is the judicial return of three tons of seized gold to the company. This inventory, worth roughly $400 million, had been held in Bamako since January 2025 and is now once again available to Barrick for sale.

Key elements of the Mali settlement include:
* Asset Return: The immediate release of the gold stockpile.
* Operational Normalization: Full management authority was restored to Barrick as of December 19.
* Legal Resolution: The withdrawal of all international arbitration proceedings in exchange for the settlement payment.

The resolution eliminates a persistent operational risk factor that weighed on the stock throughout the year. The Malian operations contribute significantly to the company's overall gold production profile.

Market Response and Key Data Points

The market has responded positively to this de-risking narrative. Barrick shares closed the last session at $44.73, trading just below a fresh 52-week high of $45.43.

A summary of critical markers and facts:
* Latest Closing Price: $44.73
* 52-Week High: $45.43
* Key Support Level: $43.96
* Mali Status: Dispute settled, gold assets returned

The recovery of the Malian gold provides a near-term liquidity boost. Concurrently, the restructured financing plan for Reko Diq delivers a credible blueprint for long-term development. With the Mali conflict resolved and a clearer path forward in Pakistan, investor attention is likely to shift toward operational execution and the monetization of the regained gold reserves.