Barrick Mining’s Loulo gold mining permit in Mali has been extended for a decade, the country’s military leader announced on Friday, Reuters reported. The Loulo-Gounkoto complex, situated in western Mali, remains Barrick’s most lucrative operation and the nation’s largest gold-producing site, generating nearly 900 million US dollars in revenue in 2024.

The permit renewal followed a fresh feasibility study by Barrick, which confirmed economically viable reserves for six years of open-pit mining and 16 years underground, with projected gross annual production of 420,920 ounces, according to the statement.

This extension comes after Mali and Barrick resolved a dispute in November concerning profit-sharing and management of the Loulo-Gounkoto complex. The disagreement arose from a 2023 mining code that increased taxes and the state’s share in mining projects. Under the agreement, Barrick withdrew its arbitration case at the World Bank’s dispute tribunal, while Mali dropped all charges against the Canadian company and its affiliates, released company employees, and restored operational control to Barrick.