Mali seizes Barrick’s control of largest gold mining operation
(MENAFN) The Malian government has temporarily taken over management of the country’s largest gold mining site from Canadian company Barrick, following a growing conflict over allegedly unpaid taxes and royalties.
A court in Bamako ruled on Monday that control of the Loulo-Gounkoto gold complex, located in western Mali, will be transferred for six months to a government-appointed interim administrator. The decision, issued by the Bamako Commercial Tribunal, named Soumana Makadji—a former health minister and experienced accountant—as the temporary overseer of the mine.
This legal move comes after the government shut down Barrick’s offices in the capital and threatened to assume control of the facility, which has remained non-operational for several months. Military officials in Mali defended the action as a step necessary to safeguard national economic interests and ensure continued mining activity. Barrick, however, strongly rejected the ruling, labeling it a violation of its agreements and unlawful.
“This ruling follows actions by the Malian government to block gold exports and seize gold stocks belonging to Barrick’s subsidiaries – measures Barrick believes to be unjustified and which led to the temporary suspension of operations,” the company stated.
The Loulo-Gounkoto mining complex is jointly owned, with Barrick holding an 80% stake and the Malian government owning the remaining 20%. The firm halted its operations at the site in January after authorities confiscated approximately three tons of gold and restricted exports, citing unpaid financial obligations—an accusation the company denies.
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