Canadian gold miner looks for mediation in African conflict
(MENAFN) Canadian mining company Barrick Mining has turned to the World Bank’s arbitration tribunal to resolve a legal conflict with Mali, Reuters reported on Friday. The company faces the risk of losing control over its gold operations in the West African nation.
Barrick has appealed to the International Centre for Settlement of Investment Disputes (ICSID) for “provisional measures” to prevent further actions by Mali’s military-led government that could worsen the situation. This comes ahead of a Malian court ruling set for June 2, concerning the government’s request to place Barrick’s Loulo-Gounkoto gold mine under temporary administration.
The Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been shut down since January after Mali seized three tons of gold from the site, citing unpaid taxes — allegations Barrick denies. The mine is 80% owned by Barrick and 20% by the Malian government.
Since a 2020 coup, Mali’s military rulers have pushed for greater revenue from the gold sector amid rising prices. New mining regulations introduced in 2023 allow the government to claim up to a 30% stake in new projects. Barrick, one of the world’s largest gold producers with nearly 30 years of operations in Mali, insists it has followed all local laws and agreements.
Tensions rose in late 2024 after four Barrick executives were detained and a warrant was issued for CEO Mark Bristow on accusations of money laundering and terrorism financing, charges the company denies. Negotiations fell apart after Mali demanded a lump sum of 125 billion CFA francs (around $197 million) in unpaid revenues, while Barrick offered a payment plan.
Barrick recently condemned Mali’s government for interfering with Loulo-Gounkoto’s operations, calling the move unprecedented and unlawful. The company also highlighted the prolonged detention of its employees and the continued blockage of gold exports from the mine.
Barrick is not alone in facing challenges in the Sahel. In neighboring Niger, French nuclear fuel company Orano lost its license for the Imouraren uranium mine and had its subsidiary Somair seized by the military government in 2024. Orano has initiated legal action against Niger’s authorities over these actions.
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