Barrick Mining Corporation says it remains committed to Mali despite an escalating dispute over its Loulo-Gounkoto mine complex, where Malian authorities seized $117 million in gold and took over day-to-day operations under court-appointed administrative control.
The company’s CEO, Mark Bristow, said on Friday that Barrick will pursue legal and arbitration mechanisms to challenge the takeover, calling the situation “extraordinary and unprecedented.”
“I want to reaffirm Barrick’s commitment to Mali, even as we navigate extraordinary and unprecedented challenges,” Bristow said in a statement. “Our position is unambiguous and supported by law.”
Gold lifted, officials arrested
A Malian military helicopter reportedly removed the bullion from the mine on Thursday, three weeks after a court ruling assigned operational control of the site to the state.
Authorities also arrested several Barrick officials and declared Bristow wanted as tensions deepened over a $500 million tax-and-dividend claim made by Mali’s military government.
The dispute stems from the country’s August 2023 mining code, which requires the state to take a 35% stake in all mining ventures. Barrick alleges the government is applying the new code retroactively to existing contracts, violating legal protections.
“There is no legal or practical justification for day-to-day operations to be handed over to a court-appointed provisional administrator,” Bristow said, adding that arbitration would ensure “international oversight and independent binding adjudication of our rights.”
Shared history, uncertain future
Despite the standoff, Barrick says it will continue to engage in good-faith negotiations. The company, which has operated the Loulo-Gounkoto complex for nearly three decades, claims more than 70% of the mine’s benefits have gone to Mali, contributing between 5% and 10% of GDP over the past decade.
“I believe deeply that Mali and Barrick are stronger together,” Bristow said. “Our shared history of success provides the foundation for resolving current disagreements.”
Barrick employs around 8,000 people in Mali—97% of them nationals—and says it has paid nearly $10 billion in taxes, royalties, and payments to local vendors. While the Malian government has settled with several other mining firms, its row with Barrick remains the most drawn-out.
