Barrick Gold Corporation has suspended operations in Mali after the government seized gold worth $245 million Cdn from the company's Loulo-Gounkoto mine. The military-led government moved the gold from the area to a gold bank, further preventing the export and sale of gold.
In a statement, Toronto-headquartered Barrick said it had “regrettably initiated a temporary suspension of operations while it continues to work towards a resolution.”
About three metric tons were taken from a mining site in western Mali on Saturday, Reuters reported. Barrick shares remained steady at $22.76 Cdn in Toronto and $15.90 US in New York as of 3:30 p.m.
Barrick has been fighting with the Malian government since 2023 over a contract based on new mining laws. The conflict has escalated several times, with Mali imprisoning senior officials and issuing an arrest warrant for Barrick CEO Mark Bristow.
In a statement, Barrick said it “remains committed to constructive dialogue with the Malian government and all stakeholders to find a peaceful solution that ensures the long-term sustainability of the Loulo-Gounkoto mining area and its significant contribution to the economy and communities of Mali.”
Previously, Mali had demanded approximately $500 million US in unpaid taxes from Barrick, Reuters reported. Barrick warned last month of a serious deterioration in conditions at Loulo-Gounkoto, where workers were arrested without reason and bull shipments were blocked.
The company owns 80 percent of the mines, while the Malian government owns 20 percent. Loulo-Gounkoto accounts for about 14 percent of Barrick's estimated 2025 gold production, and gold is Mali's leading foreign currency, accounting for more than 80 percent of total exports by 2023.
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