Barrick Gold Corp. said Mali’s military junta has blocked shipments from the country’s largest gold mine and the company will need to halt operations at the site if they remain suspended.
Mark Bristow, president and chief executive officer at Barrick Gold, discusses the company’s Q3 earnings, and says they are on track for a strong Q4.
-- For months Barrick has been locked in a dispute with the government over how to divide the economic benefits from the Loulo-Gounkoto complex which produced almost 700,000 ounces of gold last year. The junta has detained several company employees and earlier this month it put out an arrest warrant for Chief Executive Officer Mark Bristow.
“Local operating conditions have deteriorated significantly with employees imprisoned without cause and gold shipments blocked,” Barrick said in a statement on Monday. “If shipments remain suspended, Barrick will be compelled to suspend operations, further impacting the viability of this critical economic driver for Mali.”
Recent developments at the site will further erode investor confidence in Mali’s mining sector and will deter future investment, Bristow said in the statement. The company remains open to constructive engagement with the government to resolve the dispute, he said.
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