Mali's Government Seizes 3 Tons of Gold from Barrick Amid Revenue Dispute

Mali's military government has seized three tons of gold from Canadian mining company Barrick Gold Corporation as part of an escalating legal dispute regarding revenue owed to the West African state. According to an internal letter from Barrick's CEO Mark Bristow, the gold confiscation took place on Saturday and is valued at approximately $180 million.

The seizure follows a warning from Mali's senior investigating judge, Boubacar Moussa Diarra, outlining the government's intentions to confiscate the gold. A senior Barrick official confirmed that the gold, extracted from a mine near Kayes, was transported to the capital, Bamako, via plane and truck.

The conflict stems from an ongoing dispute over financial obligations, with Mali's government previously issuing an arrest warrant for Bristow on allegations of money laundering, which came without substantiated evidence. Barrick has offered to settle the dispute by paying $370 million.

This incident is part of a broader trend, as Mali's military government has intensified pressure on foreign mining companies to increase revenue streams amidst ongoing challenges of poverty and security threats from extremist violence. In November, other executives from foreign mining firms were similarly arrested, with some released after making significant payments to the Malian authorities.

Mali is recognized as one of Africa's top gold producers, but its mining industry is grappling with instability and heightened scrutiny under its military leadership.