Barrick Gold suspends gold operations in Mali

Gold confiscation

Barrick has halted operations at the Loulo-Gounkoto mining complex in Mali after the government confiscated approximately 3 tonnes of gold valued at $245M (C$351.15M).

Barrick holds an 80% stake in the complex, with the remaining 20% owned by the Malian Government. The gold seizure follows a confiscation order issued by Judge Boubacar Moussa Diarra, claiming Barrick’s mines owe $5.5B to the Malian Government—far exceeding earlier estimates. The confiscated gold is being transferred to Mali’s state-owned Banque Malienne de Solidarité (BMS) in Bamako.

Barrick has requested proof of insurance for the seized gold and confirmation of its delivery to BMS.
In a letter to the government, Barrick stated that the seizure has necessitated a temporary suspension of operations, rendering the gold uninsured. The company warns of a prolonged shutdown if the dispute continues.

Background

Tensions between Barrick and Mali have escalated since 2023 over contract disagreements tied to new mining regulations.
Senior executives have faced detentions, and an arrest warrant was issued for Barrick CEO Mark Bristow.

On Friday, Barrick filed for arbitration with the International Centre for Settlement of Investment Disputes.

Military governments in Mali, Burkina Faso, and Niger are renegotiating mining terms to secure a greater share of revenues amid record-high gold prices.