Mali seizes 3 tons Gold from Canadian Company Barrick Gold over disputes of shared revenue.

Mali seizes 3 tons Gold from Canadian Company Barrick Gold over disputes of shared revenue

Mali's military government has seized approximately three metric tons of gold, valued at around $245 million, from Barrick Gold's Loulo-Gounkoto mining complex amid an escalating dispute over revenue sharing.

The gold is currently stored at the state-owned Banque Malienne de Solidarité (BMS) in Bamako, following a court order.

This action is part of a broader effort by Mali's junta, which came to power through a coup, to secure a larger share of mining revenues. In 2023, the government implemented a new mining code to increase state control over natural resources.

Barrick Gold, which owns 80% of the Loulo-Gounkoto complex, has temporarily suspended its operations in Mali due to the seizure. The company had previously warned that it might need to halt operations if restrictions on gold shipments were not lifted.

The dispute has also led to the detention of four senior executives from Barrick by Malian authorities. Additionally, an arrest warrant has been issued for Barrick's CEO, Mark Bristow, on charges of money laundering.

This situation reflects a growing trend of resource nationalism in Mali, where the government is increasingly asserting control over foreign mining operations to boost state revenues. Similar actions have been taken against other international mining companies operating in the region.

Mali's Crackdown on Foreign Mining Companies