Barrick Gold has temporarily halted mining operations in Mali following the government's seizure of approximately US$245 million in gold reserves from the Loulo-Gounkoto complex. The Malian government moved the gold to a custodial bank, preventing Barrick from shipping and selling it. This action stems from ongoing disputes between Barrick and the junta-led government regarding Mali's new mining code. Barrick shares declined following the news, while Resolute Mining, another company facing challenges in Mali, saw its shares rise.
Barrick Gold has suspended mining operations in Mali after the West African country's government seized around US$245 million in gold stocks from the Loulo-Gounkoto complex over the weekend, the Toronto-based miner announced today.Barrick confirmed that the Mali government had moved "the existing gold stock from to a custodial bank," further preventing it from shipping and selling its gold.
The company has been clashing with the Malian government since 2023, with the issues largely stemming from the country's new mining code put in place after the military junta seized control. Despite ongoing discussions, the miner and the junta have failed to find a resolution. Mali late last year arrested several local Barrick employees and issued an arrest warrant for CEO Mark Bristow.
MINING MALI BARRICK GOLD GOLD SEIZURE SOVEREIGN RISK
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barrick Gold Threatens Mali Mine Closure Over Gold Export RestrictionsBarrick Gold has threatened to suspend operations at its Loulo-Gounkoto gold mine in Mali unless the government allows it to export its gold within a week. The company says an interim attachment order on its existing gold stock is unjustified and hinders business operations.
Read more »
Barrick Gold threatens to suspend Mali operations in stand-off with governmentDispute over revenues has led to detention of 4 employees and issue of arrest warrant for chief executive
Read more »
Barrick Gold Threatens to Halt Mali Mine Operations Over Export BlockBarrick Gold warns of halting operations at its Loulo-Gounkoto mine in Mali if the junta continues to block gold exports. The company cites deteriorated conditions, including the imprisonment of its employees and baseless tax claims.
Read more »
West Red Lake Gold Mines Unveils Prefeasibility Study for Madsen Gold MineWest Red Lake Gold Mines has released a prefeasibility study (PFS) outlining plans for the Madsen gold mine project in Ontario, Canada. The PFS forecasts average annual production of 67,600 ounces of gold over a six-year period, within a 7.2-year mine life. The project boasts an estimated after-tax net present value of C$315 million and an internal rate of return of 255%.
Read more »
Gold Road Invests $44 Million in Iceni Gold's Guyer TrendGold Road Resources has agreed to a $44 million farm-in deal with junior explorer Iceni Gold, acquiring a stake in the company and committing to exploration at the Guyer gold trend in Western Australia. The Guyer trend, located between Leonora and Laverton, is considered to have significant exploration potential due to its proximity to major mines and historical gold production in the region.
Read more »
Mali goes public with mining bonanzaMore woe ahead for miners?
Read more »