Barrick Gold Corporation has suspended its operations in Mali after the government seized gold stock worth Cdn$245 million from the company's Loulo-Gounkoto mining complex. The military-led government moved the gold stock from the site to a custodial bank, preventing the transport and sale of the gold.
In a statement, Barrick, which is headquartered in Toronto, said it “unfortunately suspended operations temporarily while continuing to work toward a resolution.” “
About three metric tons were taken from the mining complex in western Mali on Saturday, Reuters reports. Barrick shares remained relatively steady at $22.76 Cdn in Toronto and $15.90 US in New York at 3:30 p.m.
Barrick has been in dispute with the government of Mali since 2023 over a contract based on new mining regulations. The argument has escalated several times, with Mali detaining senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.
In the statement, Barrick said it “remains committed to constructive dialogue with the Malian government and all stakeholders to find an amicable solution that will ensure the long-term sustainability of the Loulo-Gounkoto mining complex and its contributions to significant to Mali's economy and communities.
Mali had previously demanded about $500 million US in unpaid taxes from Barrick, Reuters reports. Barrick warned last month of a serious deterioration in conditions at Loulo-Gounkoto, with workers being held for no reason and bullion shipments blocked.
The company owns 80 percent of the mining complex, with the Mali government owning 20 percent. Loulo-Gounkoto accounts for about 14 percent of Barrick's estimated gold output for 2025, and gold is Mali's main foreign currency earner, accounting for more than 80 percent of total exports in 2023.
