Barrick Gold Corporation has suspended operations in Mali after the government seized gold reserves worth C$245 million from the company’s Loulo-Gounkoto mining complex. The military-run government moved the gold holdings from the site to a depository, further preventing the gold from being shipped and sold.
In a statement, Barrick, headquartered in Toronto, said it “regrettably initiated the temporary suspension of operations while we continue to work on a resolution.”
About three tons were taken from the mining complex in western Mali on Saturday, according to Reuters. Barrick shares remained relatively stable at $22.76 Canadian in Toronto and $15.90 in New York as of 3:30 p.m
Barrick has been arguing with Mali’s 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 the statement, Barrick said it “remains committed to working constructively with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its important contribution to the Malian economy and communities.” guaranteed.”
Mali had previously claimed about $500 million in unpaid taxes from Barrick, Reuters reports. Barrick warned last month of a significant deterioration in conditions in Loulo-Gounkoto, with employees being detained without cause and gold bullion shipments blocked.
The company owns 80 percent of the mining complex, with the Malian government owning 20 percent. Loulo-Gounkoto accounts for about 14 percent of Barrick’s estimated gold production in 2025, while gold is Mali’s largest foreign exchange earner, accounting for more than 80 percent of total exports in 2023.
