Barrick Halts Mali Gold Mining as Government Seizes Stockpiles

Barrick Gold Corp., the world’s second-largest gold producer, has been forced to suspend operations at its vital Loulo-Gounkoto complex in Mali, marking a critical escalation in an ongoing dispute with the country’s military government. The shutdown comes after Malian authorities began seizing stored gold and blocking exports since November, while also issuing an arrest warrant for CEO Mark Bristow. The conflict stems from disagreements over revenue distribution and Mali’s new mining legislation, with the government claiming unpaid taxes and demanding compliance with updated mining codes. The stakes are high for both parties – the mine contributed over a third of Mali’s formal gold exports in 2023 and paid $433 million to the state. While other mining companies in Mali have reached settlements with the government, Barrick’s earlier offer of $370 million failed to resolve the standoff, leading to the current crisis and arbitration proceedings.