Well, it actually "works", but not until the seafaring carracks are available.
I'm not so sure if it's an "unintentional bug", because, if that port was open from the start, Timbuktu would be too easy to conquer early on without any warfare. This could, off course have been fixed by letting Moors own Arguin, or having Mali as a faction with Timbuktu as capital.
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