A Malian court has adjourned a hearing on whether Barrick Mining’s Loulo-Gounkoto gold complex should be placed under provisional administration, according to a Reuters report, citing sources.
The court’s decision to delay the hearing to Thursday (5 June) comes amidst a significant dispute between the Canadian mining giant and Mali’s military-led government.
The disagreement centres around the implementation of a new mining code, introduced in 2023, which demands higher taxes and greater government ownership of the gold mines.
Operations at the Loulo-Gounkoto complex have been suspended since January after the government seized approximately three tonnes (t) of gold.
Barrick Mining has been accused of failing to meet its tax obligations, leading to the government blocking the company’s gold exports since early November.
The standoff has persisted with Barrick Mining stating that operations can only recommence once the Malian Government lifts the export restrictions.
This dispute occurs against the backdrop of surging gold prices, which have risen by 28.5% year-to-date, reaching a record high of $3,500.05/oz on 22 April.
Last month, Mali’s Government, which holds a stake in the mining complex, requested the Bamako Commercial Court to appoint a provisional administrator.
This move is seen as a push to exert more control over the mines as negotiations continue to stall over the adherence to the 2023 mining code.
The ongoing negotiations have been further complicated by the detention of four Barrick employees since November 2024 and an arrest warrant for CEO Mark Bristow issued in December 2024.
The charges, which Barrick has publicly rejected without elaboration, include allegations of money laundering and financing of terrorism, as per a court document.
In response to the legal challenges in Mali, Barrick Mining has sought the intervention of the World Bank’s arbitration tribunal.
The company has requested provisional measures as the local court prepares to rule on the government’s bid to assume control of the Loulo-Gounkoto mine on 2 June 2025.
The legal dispute intensified following Mali’s seizure of gold from Barrick’s mine over alleged tax evasion, a claim the mining operator disputes.
