Mali: Barrick Gold confirms suspension of operations in gold mine

Mali: Barrick Gold confirms suspension of operations in gold mine

Barrick Gold Corporation said that it remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali, where authorities have also seized the company’s existing gold stock from the site to a custodial bank.

Malian authorities have seized an amount of gold estimated at $245 million in an escalation of their long-running dispute with the company, Reuters reported.

“As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution,” Barrick Gold said in a statement.

Barrick Gold, whose Loulo-Gounkoto mining complex in Mali accounts for around 14% of its 2025 estimated gold output, has been in a dispute with the country’s government over a contract based on new mining rules since 2023.

Mali issued an arrest warrant against Barrick Chief Executive Mark Bristow.

Mali and other military-ruled states in the Sahel have pushed for renegotiating deals with western mine operators, surfing on a wave of anti-western sentiment.

Mali, Africa’s second-largest gold producer in 2023 and 11th globally, has a 20% stake in the Loulo-Gounkoto mine, with Barrick holding the remaining 80%.

CATEGORIES
Share This
The North Africa Post
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.