A gold miner holds gold in Kidal, Mali, in 2020. Barrick Mining and Mali’s government have been at odds since 2023 over the implementation of a new mining code that raises taxes and gives Mali’s government a greater share in the gold mines.Baba Ahmed/The Associated Press
A Malian court has adjourned to Thursday a hearing on whether to put Barrick Mining Corp.’s ABT-T Loulo-Gounkoto gold complex under provisional administration, the court’s registry office and one of the lawyers involved told Reuters on Monday.
Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.
Barrick Mining, previously called Barrick Gold, and Mali’s military-led government have been at odds since 2023 over the implementation of a new mining code that raises taxes and gives Mali’s government a greater share in the gold mines.
Barrick asks Mali to resume talks over mining dispute as court decision over control looms
Operations at the mines were halted after the government in January seized around three metric tons of gold, accusing the company of not fulfilling its tax obligations. The government had been blocking Barrick’s gold exports since early November.
Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports.
Gold prices have surged some 28.5 per cent year-to-date, having gained 27 per cent in 2024. The market hit a record US$3,500.05 per ounce on April 22.
Mali’s government, a shareholder in the mining complex, last month asked the Bamako Commercial Court to appoint a provisional administrator to take over the mines as negotiations between the two sides continued.
Mali’s demand that Barrick migrate to the 2023 mining code remains the key sticking point in the negotiations, two people close to the matter told Reuters.
The government has renegotiated agreements with other multinational miners under the new mining law. Four Barrick employees have been detained since November, 2024, and an arrest warrant was issued for chief executive Mark Bristow in December, 2024.
Barrick has publicly rejected the charges against its employees, without specifying what they are. According to a court document reviewed by Reuters, they include money laundering and financing of terrorism.