Barrick Mining’s largest contractor at Mali’s Loulo-Gounkoto gold complex is shutting operations and dismissing more than 600 employees, sources told Reuters.
The decision signals the Canadian miner’s growing caution toward high-risk assets after months of tensions with Mali’s military-led government.
Gounkoto Mining Services, known as GMS, managed extraction at the Gounkoto open-pit mine and the Yalea North underground operation.
Sources said Barrick does not plan to renew GMS’s contract in 2026, while future cooperation beyond that remains uncertain.
Termination letters have already reached hundreds of workers, who are now serving notice periods following mandatory medical examinations.
The Loulo-Gounkoto complex, once roaring with activity, has struggled to regain momentum after a bitter dispute over taxes and ownership.
Production at Gounkoto and Yalea North has remained frozen since Barrick regained operational control from provisional administrators in December.
Barrick and GMS’s parent company DTP did not immediately comment, while Mali’s mines ministry described the matter as internal.
The crisis is unrelated to Mali’s insurgent violence, as recent militant attacks occurred far from the mining complex, sources said.
Mali’s gold production dropped sharply last year, largely because of the prolonged suspension at Loulo-Gounkoto, one of Africa’s largest gold sites.
The complex produced roughly 80,000 ounces of gold during the first quarter of 2026, according to sources familiar with operations.
Second-quarter output is projected at 103,000 ounces, still far below production levels recorded before the standoff with Malian authorities.
Sources said weak investment and deteriorating infrastructure have further strained operations, including damaged mine shafts lacking essential spare maintenance equipment.
Still, signs of recovery are beginning to flicker across the dusty mining landscape as investment is expected to increase later this year.
Two open-pit mines, Baboto and Gara West, have resumed production under local operators, offering cautious optimism for Mali’s troubled gold sector.