Canada’s Barrick Mining has regained operational control of its gold mine in Mali, following a resolution to a two-year dispute with the West African nation’s military government.

According to a company memo seen by Reuters, Barrick will gradually resume production, prioritizing mandatory training for all employees and contractors. The memo was issued by Sebastiaan Bock, Director of Operations for Africa and the Middle East.

The agreement, reached last month after protracted negotiations, sees Barrick settling with the Malian government for $430 million, a source revealed. The dispute stemmed from disagreements over the implementation of a new mining code introduced by the military-led government.

Barrick initially suspended operations at the mine in January, and in June, a Malian court appointed a provisional administrator to take control. Crucially, a Malian judge last week ordered the return of 3 metric tons of gold – valued at approximately $400 million – seized by the military government nearly a year ago.

Two sources familiar with the matter confirmed the gold was seized in January via a military helicopter following a judge’s confiscation order. It has been held at the BMS bank in Bamako, Mali’s capital, since then.

Barrick, which counts activist investor Elliott Capital among its shareholders, has simultaneously announced a strategic shift towards its North American operations. This includes plans for an Initial Public Offering (IPO) of its North American business, spearheaded by interim CEO Mark Hill.

The news was positively received by investors, with Barrick shares trading 1% higher on the Toronto Stock Exchange on Thursday afternoon.

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