Barrick Gold Corp., the world’s second-largest gold producer, has warned that it may soon halt mining operations in Mali if ongoing disruptions to exports and site operations are not resolved.
The company is embroiled in a contentious dispute with Mali’s military-led government over revenue and profit-sharing from the Loulo-Gounkoto gold mining complex. Tensions escalated last month when a Malian court issued an arrest warrant for Barrick’s CEO, Mark Bristow.
On Monday, Barrick disclosed that an “interim attachment order” had been placed on its gold stock at the site. Combined with a continued export blockade, this could force the company to temporarily suspend operations if no resolution is reached within a week.
Negotiations between the Toronto-based mining giant and the Malian government have deteriorated in recent months. The authorities have detained and charged four of Barrick’s local employees, prompting the company to initiate arbitration proceedings.
Despite the challenges, Barrick expressed its commitment to resolving the disputes through constructive dialogue. Meanwhile, other major gold producers in Mali have reached agreements with the government, involving substantial payments and increased royalty rates.
The Loulo-Gounkoto complex is one of Mali’s key mining assets, and any prolonged disruption could have significant economic implications for both the company and the West African nation.