The Malian government has seized control of the Loulo-Gounkoto gold complex belonging to Canadian mining giant Barrick Gold amid an escalating tax dispute. A Malian court ruled on Monday that the site should be placed under interim management for six months.
Judge Issa Aguibou Diallo appointed Zoumana Makadji, a former health minister and accountant, to oversee the mine’s operations within 15 days. While Barrick’s subsidiaries technically retain ownership, operational control has now passed to a Mali-appointed administrator, according to local media reports.
Barrick has slammed the move, calling it “unfair.” The company claims the decision comes after a series of actions by Malian authorities, including seizing gold stockpiles and suspending export activities, which have temporarily halted operations.
The Canadian firm has also expressed concern about the ongoing detention of its employees, describing their detention as “unfair” and politically motivated.
The dispute stems from alleged unpaid taxes related to the Loulo-Gounkoto field, one of the ten largest gold mines globally. The conflict has intensified in recent months, resulting in an arrest warrant for Barrick CEO Mark Bristow and a proposed $370 million settlement.
Barrick says the arbitration process, which was initiated in December through the International Centre for Settlement of Investment Disputes (ICSID), is ongoing. The company stressed the increasing importance of the tribunal’s findings in light of recent developments.
Mali, which has been under military rule since two coups in 2020 and 2021, continues to face widespread political instability and insecurity due to ongoing uprisings and separatist tensions.