Barrick Gold Corporation has suspended its operations in Mali after the government seized $245 million worth of gold shares from the company's Loulo-Gounkoto mining complex. The military-led government moved gold stocks from the scene to a depository 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 we continue to work toward a resolution.”
According to Reuters, about three tons were extracted from a mining complex in western Mali on Saturday. Barrick's shares remained relatively stable at CDN$22.76 in Toronto and CDN$15.90 in New York as of 3:30 p.m.
Since 2023, Barrick has been in a dispute with the government of Mali over a contract based on new mining regulations. The row escalated several times when Mali detained senior executives and issued an arrest warrant for Barrick CEO Mark Bristow.
In a statement, Barrick said it “remains committed to working constructively with the Malian government and all interested parties to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its important contribution to Mali's economy and communities.”
According to Reuters, Mali has already demanded about $500 million in unpaid taxes from Barrick. Last month, Barrick warned of a significant deterioration in conditions at Loulo-Gounkoto, with workers detained without cause and bullion supplies blocked.
The company owns 80 percent of the mining complex, and the Mali government owns 20 percent. Loulo-Gounkoto accounts for approximately 14 percent of Barrick's estimated gold production in 2025, while gold is Mali's largest foreign exchange earner and will account for more than 80 percent of total exports in 2023.