Canadian mining company Barrick and Mali announced on Monday they had reached an agreement ending their dispute over one of the world's largest gold complexes.

In mid-June, a Mali court ruled that the western Loulo-Gounkoto gold mines held by Barrick would be managed for six months by an appointee, effectively stripping operation from the firm amid rising tensions over taxes.

"Operational control over the complex will be handed back to Barrick," the Toronto-based company said in a statement on Monday, adding that "all charges brought against Barrick, its affiliates and employees will be dropped."

It additionally said that legal steps for the release of four detained Barrick employees will move forward.

'End of conflict'

Malian authorities said in a statement that the country's ministers of economy and of mines received a delegation from Barrick earlier in the day, noting that the agreement "marks the end of a period of conflict."

Barrick has an 80% stake in the Loulo-Gounkoto complex, while the Malian state holds the rest.

According to the trade publication Mining Technology, the mine, located in the country's west, contributed around $1 billion to the Malian economy in 2023.

The resumption of normal operations comes "much to the delight of employees, local communities, and the Malian economy," the government said in its statement.

Mali had accused Barrick Gold of owing the government more than $500 million in taxes.