Barrick Halts Mali Operations After Government Seizes Gold Stock

Canadian mining giant Barrick Gold has indicated it may suspend operations at its Loulo-Gounkoto mines in Mali after the government seized approximately three metric tons of gold, valued at $245 million, over the weekend. The gold, seized under a court order tied to a $5.5 billion tax dispute, was reportedly transported by helicopter to the Banque Malienne de Solidarité (BMS) in Bamako. Barrick, which denies wrongdoing, says the seizure nullifies the gold stock’s insurance coverage and awaits confirmation of its status. The long-running dispute stems from new mining regulations, with Mali’s government demanding increased revenue amid record-high gold prices. To resolve the impasse, Barrick has sought arbitration at the International Centre for Settlement of Investment Disputes, which recently registered its request. Both parties have yet to comment publicly on the latest developments.

Source: Reuters