Mali’s military Junta has issued arrest warrant for Barrick Gold Corp. Chief Executive Officer Mark Bristow on money laundering against amid an escalating dispute over mine revenues in the West African nation.
Anonymous sources say the authorities in Mali are also seeking to arrest Abbas Coulibaly, the general manager of the Canadian mining company’s Loulo-Gounkoto complex.
Four Barrick employees were arrested last month in a spat over how to divide the economic benefits of Mali’s biggest gold mine. Barrick issued a statement on Nov. 26 refuting the charges against its workers and saying it will continue to engage with the Malian government to find an amicable settlement that would ensure the long-term sustainability of the operations.
Mali hasn’t disclosed its exact demands, though Barrick has offered $370 million to settle a tax claim arising from a government audit. The cash-strapped military junta has threatened to take back Barrick’s Loulo mine concession when the current permit expires in 2026.
Mali Junta leader Assimi Goita signed the code into law in August a new mining code allows the state to take up to 30 percent stakes in new mineral projects and collect more revenues from the vital industry.
Spokespeople for Mali’s finance ministry and justice ministry couldn’t be reached for comment. Barrick declined to comment.
The warrant for Bristow comes after Resolute Mining Ltd. CEO Terry Holohan and two other employees were arrested last month. They were released after the company agreed to pay $160 million to resolve a tax dispute.
Loulo-Gounkoto adopts the 2023 legislation, it could significantly boost state revenues. The mining complex is expected to produce between 637,500 and 700,000 ounces of gold this year, close to last year’s output. Barrick, in a statement in July, highlighted its contribution of $1 billion to Mali over the past 12 months.
