What's Happening?
Mali's industrial gold production experienced a significant decline of 22.9% in 2025, primarily due to the suspension of operations by Barrick Mining. This suspension was a result of a prolonged dispute
over stricter mining regulations introduced by the Malian government. The new mining code, implemented in 2023, aimed to increase the country's share of mining profits. However, it led to a standoff with Barrick, one of the largest mining companies operating in Mali. The Loulo-Gounkoto complex, a major gold-producing site, was placed under provisional administration until a resolution was reached. Despite the reopening of the complex in July 2025, logistical challenges limited its output to 5.5 tons, a significant drop from the previous year's 22.5 tons. Meanwhile, B2Gold emerged as Mali's largest gold producer in 2025, with an output of 17.5 tons.
Why It's Important?
The decline in Mali's gold production has significant implications for the country's economy, which heavily relies on mining revenues. The introduction of tougher mining regulations reflects the government's efforts to capture more value from its natural resources. However, the resulting disputes and operational disruptions highlight the challenges of balancing regulatory reforms with maintaining investor confidence. The situation underscores the potential risks for international mining companies operating in regions with evolving regulatory landscapes. The shift in production leadership to B2Gold also indicates a changing competitive environment within Mali's mining sector.
What's Next?
The resolution of the dispute with Barrick and the reopening of the Loulo-Gounkoto complex suggest a potential stabilization in Mali's gold production. However, ongoing logistical issues and the need for further regulatory adjustments may continue to impact the sector. The government may need to engage with mining companies to ensure that reforms are implemented smoothly without deterring investment. Additionally, the performance of new entrants and the expansion of small-scale mines will be crucial in determining the future trajectory of Mali's gold industry.
