(Reuters) - Canadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, two people familiar with the developments told Reuters on Wednesday. 

Barrick signed the agreement and now it is up to the Mali government to formally approve the deal, the sources told Reuters. An official announcement could come as early as Thursday.

As part of the new agreement, Barrick will pay 275 billion CFA or $438 million to the Mali government, in return for the release of detained employees, seized gold, and restarting the operations at the Loulo-Gounkoto mine. 

Barrick did not respond to an email query by Reuters. A spokesperson for Mali's mines ministry declined to comment.

The Toronto-based miner and Mali have been locked in a dispute since 2023 over the implementation of the West African country's new mining code that gives Mali government a greater share in the country's gold mine.