Mali’s military government has confiscated nearly three tons of gold from Canadian mining company Barrick Gold following a dispute over unpaid taxes and revenue-sharing agreements.
The seized gold, valued at approximately $180 million & $245 million, according to two different sources, was taken from Barrick’s Loulo-Gounkoto mining complex near Kayes and transported to Bamako, the nation’s capital, according to government officials. The move was preceded by a provisional order issued by Malian authorities to confiscate the company’s gold reserves.
Barrick, one of the world’s largest gold producers, acknowledged the enforcement action. The company had previously warned it might suspend operations in the West African country if restrictions on its gold shipments were not resolved.
In addition to the seizure, Malian authorities detained four senior executives from Barrick and issued an arrest warrant for CEO Mark Bristow on allegations of money laundering, further escalating tensions between the company and the government.
This latest development highlights Mali’s increasing pressure on foreign mining firms to bolster state revenues amid economic challenges. The country, one of Africa’s leading gold producers, has been in disputes with several mining companies over financial obligations.
Last year, Australian firm Resolute Mining reached a $160 million settlement with Malian authorities over a tax dispute. The government’s actions reflect a broader push to ensure the state captures a greater share of profits from its mining sector.
Mali’s transition to military rule has amplified scrutiny over its handling of economic and natural resource policies, with international investors closely monitoring the implications of these moves on the country’s investment climate.
