Malian government takes over Canadian-owned Barrick Gold mine

ISTANBUL

A Malian court has placed Canada's Barrick Mining's Loulo-Gounkoto gold complex under provisional administration for six months over an ongoing tax dispute between the Canadian mining company and the West African nation's military government, according to French broadcaster France 24.

Judge Issa Aguibou Diallo said in a statement to Barrick’s lawyers on Monday that Zoumana Makadji, a former health minister and accountant, has been appointed provisional administrator within 15 days.

Although Barrick’s subsidiaries continue to own the mine, control over operations shifted to an external administrator, the company said in a statement.

The company said the ruling is “unjustified,” and it “follows actions by the Malian government to block gold exports and seize gold stocks belonging to Barrick’s subsidiaries,” leading to the temporary suspension of operations.

Expressing “deep concern” over the detention of its employees, Barrick said they remain “unjustly imprisoned and used as leverage.”

It said the International Centre for Settlement of Investment Disputes (ICSID) arbitration, which began in December, was ongoing, adding that the tribunal’s review was “even more important” following the court’s decision.

Barrick, Africa’s largest gold producer, clashed with Mali’s military rulers over alleged unpaid taxes tied to its Loulo-Gounkoto complex—one of the world’s top 10 gold mines, along with its Kibali site in the Democratic Republic of the Congo—culminating in an arrest warrant for CEO Mark Bristow and a $370 million settlement offer.

Mali, ruled by the military since successive coups in 2020 and 2021, remains mired in a political and security crisis stemming from armed group attacks and separatist conflicts since 2012.

ISTANBUL

Although Barrick’s subsidiaries continue to own the mine, control over operations shifted to an external administrator, the company said in a statement.

Expressing “deep concern” over the detention of its employees, Barrick said they remain “unjustly imprisoned and used as leverage.”

Mali, ruled by the military since successive coups in 2020 and 2021, remains mired in a political and security crisis stemming from armed group attacks and separatist conflicts since 2012.