Barrick 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.
Barrick Gold has threatened to suspend its operations at the Loulo-Gounkoto mine in Mali if the country's ruling junta continues to block its gold shipments. The Toronto-based miner said that reporting to a suspension would affect 'the viability of this critical economic driver for Mali '. Barrick said that it had failed to reach a final settlement with the Mali an government despite the company's 'good-faith attempts to negotiate and a willingness to compromise beyond its legal rights'.
Barrick defended its position in the country, claiming that its mines contribute '5% to 10% of the country's GDP annually' and that the Malian state had 'received more than 70% of the economic benefits' from Loulo-Gounkoto since it began production. Barrick pushed back against the government's imposition of the 2023 Mining Code, which it said 'has no application to existing operations such as Loulo-Gounkoto'. It said that the 'Malian government and its external advisors' had been asking for 'an increased share of the economic benefits', 'forcing' Loulo-Gounkoto under the framework of that new code. Barrick said that conditions in Mali had 'deteriorated significantly', citing the imprisonment of its employees 'without cause', the block on its gold exports, 'baseless tax and customs claims', and the issue of an 'illegitimate arrest warrant' against Barrick president and chief executive Mark Bristow. 'These actions raise serious concerns about the misuse of the criminal justice system,' the miner said in a statement. Bristow said that 'recent developments further erode investor confidence in Mali's mining sector and will deter future investment'. 'Nonetheless, in view of our long-standing commitment to the people of Mali, we remain open to constructive engagement with the government to resolve these issues while protecting the viability of this key economic driver for Mali,' he said
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