Barrick Gold Corp. has suspended mining operations at its Loulo-Gounkoto complex in Mali after the government initiated the seizure of gold from the mine. This move follows months of escalating tension over revenue sharing between the company and the Malian government. Barrick claims the government's actions are unlawful and has initiated arbitration proceedings. The suspension is a significant setback for both Barrick, the world's second-largest gold producer, and the Malian government, which relies heavily on gold exports.
January 14, 2025 at 7:26AM EST -- Barrick Gold Corp. said it’s suspending mining operations in Mali after the government started removing gold from the nation’s biggest mine in the latest escalation of a months-long dispute.
Shares of Barrick were little changed, trading at $15.45 at 10:10 a.m. in New York. The company’s stock has fallen more than 20% since Mali first threatened Barrick in October. “Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution,” the statement said.
The government has begun executing a seizure order against the mine and moved “existing gold stock” to a custodial bank, according to Barrick’s statement. The company said on Jan. 6 that an “interim attachment order” had been issued for gold on site at Loulo-Gounkoto.The Malian junta has been pressuring mining investors to renegotiate the economic terms of contracts with the state ever since commissioning a sector-wide audit in 2022 and introducing new legislation for the industry last year.
GOLD MINING DISPUTE MALI BARRICK GOLD REVENUE
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