Barrick Gold Corporation halted its operations in Mali after the government seized gold reserves worth Cdn 245 million from the company’s Loulo-Gounkoto mining complex. The military-led government moved gold stocks from the location to a custodial bank, further preventing the shipment and sale of gold.
In a statement, Toronto-based Barrick said it had “unfortunately initiated a temporary suspension of operations while it continues to work to resolve the issue.”
About three metric tons were swept away from a mining complex in western Mali on Saturday, Reuters reports. Barrick shares remained relatively flat at Cdn 22.76 in Toronto and $15.90 in New York at 3:30 p.m.
Barrick has been in dispute with the Malian government since 2023 over a contract based on new mining rules. The dispute escalated several times, with Mali arresting senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.
In a statement, Barrick said it “remains committed to engaging constructively with the government of Mali and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to the Malian economy and communities.”
Mali previously demanded about $500 million in unpaid taxes from Barrick, reports Reuters. Barrick last month warned of a significant deterioration in conditions at Loulo-Gounkotou, with employees being detained without reason and bullion shipments being blocked.
The company owns 80 percent of the mining complex, and the Malian government owns 20 percent. Loulo-Gounkoto accounts for about 14 percent of Barrick’s estimated 2025 gold production, while gold is Mali’s biggest source of foreign currency earnings, accounting for more than 80 percent of total exports in 2023.
