financetom
Business
financetom
/
Business
/
Barrick executive switches sides to advise Mali president in gold dispute
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Barrick executive switches sides to advise Mali president in gold dispute
Sep 10, 2025 9:19 AM

DAKAR/TORONTO (Reuters) -A senior Barrick Mining executive who had been representing the company in tense negotiations with Mali's government has switched sides to become an adviser to Mali's president, a mines ministry official told Reuters on Wednesday. 

Hilaire Diarra was general manager of Barrick's Tongon Gold Mine in Ivory Coast before he was named special counsellor to Mali's president in a decree signed in late August and seen by Reuters this week.

The mines ministry official confirmed the document's authenticity on Wednesday.

The move represents a further blow to the Canadian mining company's efforts to negotiate for control of its Loulo-Gounkoto gold mining complex, one of the most high-profile examples of resource nationalism among West African military governments seeking greater control over their gold and uranium wealth.

Diarra and a Barrick spokesperson did not respond immediately to requests for comment.

Mali's government has been negotiating with Barrick since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share of its gold mines. It has previously enlisted former senior Barrick executives to try to outmanoeuvre the company.

A Malian court-appointed provisional administrator took control of the Loulo-Gounkoto site in June, six months after Barrick suspended operations there when negotiations reached an impasse. Former Barrick executive Samba Toure is now a member of the provisional administration running operations at the complex.

Loulo-Gounkoto produced 578,000 ounces of gold in 2024, Barrick's financial statements show. Since the provisional administrator took control, it has sold 1 metric ton of gold, or about 35,274 ounces. Current production levels are about 25% of normal output, said a source close to the matter.

Diarra, a Malian citizen who began his career at the Loulo mine, had flown to Bamako from Ivory Coast this year to negotiate on behalf of the Canadian miner, the same source and two other people said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Copyright 2023-2026 - www.financetom.com All Rights Reserved