Mali has begun removing gold from Canadian mining giant Barrick Gold’s Loulo-Gounkoto mine using helicopters, according to four sources familiar with the situation.
The operation, which started on Saturday, had transported approximately three metric tons of gold as of Monday, two sources told Reuters. One source estimated the value of the seized gold at $245 million.
This dramatic move highlights escalating tensions in Mali’s mining sector as the government tightens its grip on resources, seeking to increase its share of profits from the industry.
The conflict has seen the Malian government take unprecedented actions, including detaining senior executives from Barrick Gold and issuing an arrest warrant for the company’s CEO, Mark Bristow.
In response to the mounting pressure, Barrick Gold recently announced that it might halt operations in Mali unless restrictions on gold shipments are lifted within a week.
While Barrick’s dispute remains unresolved, other mining companies in Mali, such as B2Gold Corp., have managed to reach settlements with the government by agreeing to increased royalty payments and other state-imposed conditions.
This standoff is part of a broader trend in West Africa, where political volatility and resource nationalism are posing significant challenges to foreign mining companies.
Burkina Faso’s military junta has also threatened to revoke mining permits, while Niger has seized a French-operated uranium site.
These developments have raised alarm among industry insiders, who warn that such actions could deter future investment in West Africa, a region vital to the global mining industry.
