Mali Seizes Three Tons of Gold from Barrick Amid Revenue Dispute

MLMali|

Mali's military government has seized three tons of gold from Canadian mining company Barrick Gold amid an ongoing legal dispute over revenue sharing, according to an internal letter from Barrick's CEO Mark Bristow. The seizure, which occurred over the weekend, follows warnings from a Malian judge about potential confiscation due to unpaid revenues owed to the state.

The gold, valued at approximately $180 million, was taken from a mine near Kayes and transported to Mali's capital, Bamako. The dispute has intensified following a December arrest warrant issued for Barrick's CEO for alleged money laundering, amid claims from the Malian authorities that the company's financial dealings were not transparent.

In December, Barrick offered to pay $370 million to resolve the issue, but the Malian government has previously arrested executives from foreign mining companies over similar disputes. This incident highlights the increasing pressure Mali is placing on foreign companies to ensure proper revenue contributions to the state, particularly as the nation deals with economic challenges and internal security issues.

Mali has a history of legal and financial disputes with foreign mining entities, which has raised concerns among investors. The current military government, which came to power in 2020, has been noted for its tough stance on mining companies in an attempt to bolster national income.

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