Barrick Gold Corp. warns it will be forced to halt operations at its Loulo-Gounkoto mine in Mali within a week if the military junta continues to restrict gold exports. The Toronto-based company says the regime's latest move, an interim attachment order on its gold stock, will further limit exports and disrupt operations. Barrick also cites the ongoing detention of its senior employees by Malian authorities. The Loulo-Gounkoto mine is one of Barrick's largest international operations and contributes significantly to the company's earnings.
says it will be forced to shut down its operations in Mali within a week if the military junta continues to restrict its gold exports from the West African country.
The complex in Mali is one of Barrick’s biggest international mining operations and accounts for about 14 per cent of its earnings before interest, taxes, depreciation and amortization . “If this issue is not resolved within the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto. Such an action would be deeply regrettable but necessary.”
Mali has been applying heavy pressure on foreign mining companies over the past 18 months in an attempt to secure a bigger share of their revenue and equity. It has sought US$417-million from Barrick in the tax dispute.for several days before releasing them. A few weeks later, they arrested three employees of Australian-based Resolute Mining, including its CEO, Terence Holohan, and held them in custody for more than a week, until the company promised to pay US$160-million in a tax dispute.
Barrick Gold Mali Mine Shutdown Gold Exports Military Junta
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barrick could suspend Mali operations after gold shipments blockedSuspension of shipments from one of the company’s biggest international gold mines is the latest twist in a worsening conflict between Barrick and the junta that seized power in a 2021 coup
Read more »
Barrick May Close Mali Gold Mine Over Dispute With GovernmentBarrick 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.
Read more »
Barrick Gold seeks arbitration in dispute with government in MaliTORONTO — Barrick Gold Corp. has submitted a request for arbitration to settle its dispute with the government in Mali over its Loulo-Gounkoto operations.
Read more »
Barrick Gold Seeks Arbitration Against Mali in Mining DisputeBarrick Gold Corp. is taking Mali to international arbitration due to a long-standing financial disagreement concerning its Loulo-Gounkoto mines. Mali has been hindering Barrick's gold exports and threatens to halt production.
Read more »
Barrick Seeks International Arbitration with Mali over Gold Mine DisputeBarrick Gold Corp. is taking Mali's government to international arbitration to resolve a dispute over its Loulo-Gounkoto gold mine. The company claims disagreement over the division of economic benefits from the mine, citing the detention of employees and an arrest warrant issued for CEO Mark Bristow by the Malian junta. Despite the escalating conflict, Barrick maintains its commitment to Mali and seeks an amicable resolution through continued dialogue.
Read more »
Barrick Gold Seeks Arbitration to Resolve Dispute with Mali GovernmentBarrick Gold Corp. has initiated arbitration proceedings to settle a tax dispute with the Malian government over its Loulo-Gounkoto mining operations.
Read more »