Barrick Mining said on Monday it had reached an agreement with Mali's government to resolve all their disputes over the Loulo-Gounkoto gold mining complex after two years of negotiations, sending shares in the Toronto-listed company to a record high.

Reuters reported on Friday that the parties had an agreement in principle.

The Canadian miner said in a statement it will drop the arbitration case against Mali at the World Bank dispute tribunal, and in return, Mali will drop all charges against Barrick and its affiliates, release four employees from jail, and give operational control back to Barrick.

Mali has also agreed to extend Barrick's mine permit for an additional 10 years, and Barrick has agreed to sign the 2023 mining code, according to two people aware of the development. Barrick is aiming to restart operations by January 1, said Mamadou Samake, Barrick's director of West Africa, in a video interview distributed by the government.

Mali and Barrick began a fresh round of talks after the miner's interim CEO Mark Hill wrote a letter to the government seeking a resolution, according to a person aware of the development.

Mali's Mining Ministry said in a statement Barrick would soon be allowed to resume normal operations at Loulo-Gounkoto.

Shares of Barrick jumped 8.5% to close at an all-time high of C$55.93 in Toronto.

The two sides had been in a standoff for two years over the implementation of the West African country's new mining code that gives Mali a bigger share of revenue from gold miners as gold prices surged to a record high.

"The logical thing after this for Barrick would be to get out (of Mali)," said Martin Pradier, an analyst covering Barrick for Veritas Investment Research. This will be the likely outcome, he said, since the new mining code is no better than the previous one, and a company like Barrick cannot operate in a place with "flimsy regulations."

Mali's military-led government seized 3 metric tons of gold from Barrick's mine earlier this year and appointed a provisional administrator to take charge of the mine. This led Barrick to write off $1-billion in revenue from the mine and also saw the departure of its former CEO Mark Bristow.

Loulo-Gounkoto was one of Barrick's most profitable mines when it was under its control, generating almost $900-million in revenue in 2024.