Barrick Gold has announced that it may temporarily suspend operations in Mali unless the government lifts restrictions on gold shipments within the coming week.
The company is facing what is described as a confiscation order, which poses significant challenges not only to its operations but also to the broader local economy and its workforce.
Barrick Gold president and CEO Mark Bristow noted that the inability to ship gold not only affects operations but has broader implications for the local economy, including its 8,000 employees and its many local service providers.
The company has been in a dispute with the Malian Government since 2023 over a contract based on new mining rules. Recently, an arrest warrant was issued for Bristow.
Bristow also highlighted the ongoing detention of several Barrick employees in Mali on unfounded charges, stating that the company is actively working to secure their release and ensure their well-being.
He reiterated that the safety and rights of its workforce remain a critical priority for Barrick.
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By GlobalData
The situation in Mali is further complicated by threats from Burkina Faso’s junta to strip mining permits and the seizure of a French-run uranium site in Niger, according to a report from Reuters.
Barrick’s Loulo-Gounkoto mining complex in Mali is vital to the company’s operations, accounting for approximately 14% of its estimated gold output for 2025, the report said.
In addition to the shipment restrictions, the Malian authorities have issued an interim order against the existing gold stock at Loulo-Gounkoto, further hindering exports and disrupting operations.
Barrick stated that this order implies the potential confiscation of gold stocks, with sources indicating that approximately four million tonnes of gold may be at risk.
“Barrick remains committed to constructive engagement with the Government of Mali to resolve the existing disputes amicably,” Bristow said. “As previously disclosed, we have initiated arbitration through the International Centre for the Settlement of Investment Disputes (ICSID) as a recognised mechanism to address these matters of disagreement while maintaining the integrity of existing agreements.
“In parallel, Barrick continues its efforts to reach an agreement with the Mali Government on a memorandum of agreement to resolve the existing disputes, redefine the partnership’s future and increase the state’s share of benefits from the Loulo-Gounkoto complex.”
