Mali's government approved a draft decree renewing Barrick Mining's oulo gold mining permit for an additional 10 years, the West African country's military leader said in a statement on Friday.

Mali, one of Africa's leading gold producers, resolved a dispute in November with Barrick over profit-sharing and control of the Loulo-Gounkoto gold mining complex after two years of negotiations, sparked by a 2023 mining code that raised taxes and increased the state's stake in projects.

Barrick agreed to withdraw its arbitration case at the World Bank's dispute tribunal, while Mali said it would drop all charges against the Canadian miner and its affiliates, release the company's employees and return operational control of the complex to the Canadian miner.

As part of the permit renewal process, Barrick carried out a new feasibility study that identified economically viable reserves supporting six years of open-pit mining and 16 years of underground mining, with gross annual production estimated at 420,920 ounces, the statement said.

The Loulo-Gounkoto mining complex in western Mali is the country's largest producer and Barrick's most profitable mine, generating almost $900 million in revenue in 2024.