Barrick Gold Corporation has halted its operations in Mali after the government seized gold stockpiles worth C$245 million from the Loulo-Gounkoto mining complex. The military government transferred the site’s gold stock to a depository bank, preventing the shipment and sale of the gold.
In a statement, Toronto-headquartered Barrick said it had “unfortunately decided to temporarily suspend operations while it continues to work toward a resolution.”
About three tonnes were removed from the mining complex in western Mali on Saturday, Reuters reports. Barrick shares remained relatively stable at C$22.76 in Toronto and US$15.90 in New York as of 3:30 p.m.
Barrick has been in conflict with the Malian government since 2023 over a contract based on new mining rules. The feud has repeatedly escalated, with Mali arresting senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.
In the statement, Barrick said it “remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to the economy and communities of Mali.
Mali had previously demanded around US$500 million in unpaid taxes from Barrick, Reuters reports. Barrick warned last month of a significant deterioration in conditions at Loulo-Gounkoto, with employees detained without cause and shipments of bullion blocked.
The company owns 80 percent of the mining complex, with the Malian government owning 20 percent. Loulo-Gounkoto represents around 14 percent of Barrick’s estimated gold production for 2025, while gold is Mali’s main source of foreign exchange, accounting for more than 80 percent of total exports in 2023.
