Mali Seizes Barrick Gold Stocks Amid Revenue Dispute
Mali’s military government has seized three tons of gold belonging to Canadian mining giant Barrick, intensifying a legal battle over revenue shares owed to the state.
In an internal letter to Mali’s Mining Minister dated Monday, Barrick CEO Mark Bristow confirmed the company was “awaiting official confirmation of the proper receipt” by the Malian Solidarity Bank, a government entity. This followed a warning letter from Mali’s senior investigating judge, Boubacar Moussa Diarra, announcing the gold would be confiscated.
The gold, valued at approximately $180 million, was taken from a mine near Kayes in western Mali and transported to the capital, Bamako, over the weekend. Barrick’s senior management confirmed the transfer but declined to comment publicly.
The dispute centers on claims of unpaid revenue to the Malian government. Barrick has offered to pay $370 million in the ongoing negotiations. In December, Mali also issued an arrest warrant for CEO Bristow, accusing him of money laundering, and detained four senior executives of the company, who remain in custody.
Mali, one of Africa’s top gold producers, has increasingly clamped down on foreign mining companies amid revenue shortfalls. In a similar case last November, Australian mining company Resolute Mining paid $80 million to resolve a tax dispute after its executives were arrested, with an additional $80 million payment pledged.
The growing tensions between Mali’s military government and international companies as the West African nation seeks to stabilize its economy while grappling with ongoing poverty, hunger, and security challenges.