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A major confrontation has erupted between Canadian mining giant Barrick Gold and Mali’s military government over the Loulo-Gounkoto gold mine, culminating in the seizure of three tons of gold worth $245 million.
The dispute centers on Mali’s demands for a larger ownership stake beyond its current 20% and claims of $500 million in back taxes under new mining regulations.
The situation has escalated dramatically, with four Barrick executives detained, an arrest warrant issued for CEO Mark Bristow, and the company’s operations now suspended.
This development follows a pattern of Mali’s military government pressuring Western mining companies for better terms, with several firms like Resolute Mining and B2Gold already agreeing to substantial settlements.
The mine, which contributes about 10% to Mali’s GDP and produces 547,000 ounces of gold annually, has become a focal point in the country’s efforts to assert greater control over its natural resources.
