Barrick Gold has announced the temporary suspension of operations at its Loulo-Gounkoto mining complex in Mali after the Malian government seized three metric tons of gold, valued at approximately $245 million, over the weekend.
The gold, confiscated on Saturday and transported by Air Force helicopters, is being sent to the state-owned Banque Malienne de Solidarité (BMS) in Bamako, according to sources.
This action follows a court-ordered seizure issued by Judge Boubacar Moussa Diarra, based on claims by Mali’s economy ministry that Barrick owes $5.5 billion in taxes—a figure drastically higher than the previously disputed $500 million.
In response to the seizure, Barrick issued a letter to the Malian government on Monday, stating that it had no choice but to halt mining activities at both the Loulo and Gounkoto sites.
Barrick has denied the allegations, asserting that it has fulfilled its tax obligations, including an $85 million payment to Mali in October, as reported in the company’s quarterly earnings.
This development is the latest in a series of escalating tensions between Mali and Barrick Gold. The government has previously detained senior company executives and issued an arrest warrant for Barrick CEO Mark Bristow.
The situation highlights the growing risks in Mali’s mining sector, as the government continues to tighten control over resources and demand a larger share of profits.
Industry insiders warn that such measures, combined with political instability, may deter foreign investment in the region.
