Mali News

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.

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.