Canadian mining giant Barrick Gold announced Monday its strong opposition to the Malian junta’s request for temporary administration over its gold mines in western Mali.
This marks an escalation in a months-long dispute concerning the Loulo-Gounkoto complex, one of the world’s largest gold deposits, where Barrick holds an 80% stake.
Mali’s junta, which seized power in 2020 and 2021, has been increasing pressure on foreign mining companies, following reforms to the mining code last year.
The military government seeks a larger share of profits from extraction activities.
In April, authorities ordered the closure of Barrick’s Bamako offices over alleged “non-payment” of hundreds of millions in taxes, and four Malian employees were detained in November.
On May 8, the Malian government filed a request with the commercial court to impose provisional administration on the Loulo-Gounkoto site, with a decision expected on June 2.
Barrick strongly refutes this, stating there is “no basis — either in law or in practice — for the day-to-day operations at Loulo-Gounkoto to be handed over to a court-appointed interim administrator.”
The company condemned this “latest escalation,” recalling a previous incident in January where authorities seized three tons of gold, forcing Barrick to suspend activities.
The Loulo-Gounkoto mine, which began operations two decades ago, contributes significantly to Mali’s economy, estimated at around $1 billion in 2023.
As one of Africa’s leading gold producers, the precious metal accounts for a quarter of Mali’s national budget and three-quarters of its export revenues.
