Canadian mining giant Barrick Gold announced Monday it might temporarily shut down operations at its Loulo-Gounkoto mine in Mali unless the military government lifts export restrictions on gold within the week.
Since seizing power in a 2020 coup, Mali’s junta has pledged to ensure a fairer share of mining revenues but has intensified pressure on foreign firms. The Loulo-Gounkoto site, one of the world’s largest gold complexes, is owned 80% by Barrick and 20% by the Malian state.
Barrick Gold revealed that authorities have not only blocked gold exports but have now issued an attachment order on the mine’s existing stockpile, disrupting operations. The company warned that such restrictions jeopardise its 8,000 employees, local suppliers, and the broader economy.
The dispute has escalated since November, with Malian authorities detaining four Barrick employees and issuing arrest warrants for the company’s CEO and the site’s managing director on money laundering charges.
Although Mali ranks among Africa’s top gold producers, it remains one of the world’s poorest nations. Gold accounts for 75% of its export earnings and provides a crucial 25% of the national budget.
Despite the growing tensions, Barrick Gold expressed its commitment to resolving the dispute amicably and has initiated international arbitration. The company also pledged to renegotiate its partnership to increase the Malian state’s share of profits from Loulo-Gounkoto.
