Mali's industrial gold output down 32% on Barrick suspension, document says

By Tiemoko Diallo

BAMAKO, Sept 29 (Reuters) - Mali's industrial gold production fell 32% year-on-year to 26.2 tons by the end of August, weighed down by the months-long suspension of Barrick Mining's operations, according to a mines ministry document seen by Reuters on Monday.

Industrial output in Mali, one of Africa's top gold producers, was also 22.5% below the government's forecast of 33.8 tons for the same period, a mines ministry official said.

"This means that the forecast of 54.7 tons of gold expected this year will not be met, and all this is due to the Barrick problems," said the source, who did not specify if the country would revise its target for the year. The source was not authorised to brief the media and spoke on condition of anonymity.

Mali's industrial gold output fell 23% in 2024, a drop that a mining ministry source at the time said could be due to the government's disputes with international miners.

Canadian miner Barrick's ABX.TO Loulo-Gounkoto complex produced 578,000 ounces of gold in 2024 before it was shut from January to July amid a dispute with the West African nation's military-run government over taxes and a new mining code.

Operations at Loulo-Gounkoto resumed in July under a government-appointed administrator, with current production levels around 25%, Reuters reported earlier.

It will take at least four months for production at the Loulo-Gounkoto to return to the normal rate, a Barrick source told Reuters on Monday. Operations have been largely curtailed by lack of access to spare parts, said the source who was not authorised to speak and asked not to be named.

Though Barrick removed Loulo-Gounkoto from its gold output forecasts for 2025, Mali estimated the mine will contribute 17.5 tons to its 2025 output, the mines ministry document showed.

Other gold miners in Mali include B2Gold BTO.TO, Resolute Mining RSG.AX, Allied Gold AAUC.TO and Endeavour Mining EDV.L.

Regulatory uncertainty in Mali has weighed on investment and output. The government, like others in the region, has emphasised resource nationalism while pivoting from Western investors to courting Russian interests.