No 1 source of global mining news and opinion
Negotiations between Barrick Gold and the Malian government to end a long-dragged dispute over payments from the country’s largest gold mine have been suspended without a resolution.
The Loulo-Gounkoto gold complex, developed during chief executive Mark Bristow’s tenure as CEO of Randgold before its acquisition by Barrick in 2018, is a cornerstone of Mali’s economy.revealed that Mali is seeking a settlement payment of 125 billion CFA francs from the Canadian mining giant. The government is also demanding Barrick’s compliance with the country’s new mining code, which came into effect in August 2023.
Over the past 29 years, Barrick has invested more than $10 billion in the country, contributing between 5% and 10% of Mali’s GDP annually. In 2023 alone, the miner injected over $1 billion into the local economy. The mining complex is also a significant taxpayer and employer, with 97% of its 8,000-strong workforce comprising Malian nationals. According to Barrick, over 70% of the economic benefits generated by the complex have gone directly to the Malian state.Gold price steadies after new record highIf greater aluminum self-sufficiency is the goal, there's a much easier way of achieving it in the form of the humble beer can.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mali, Barrick Gold to Resume Negotiations Amid Gold Seizure DisputeMali's government and Barrick Gold will restart negotiations on Tuesday to resolve a growing conflict over unpaid taxes and the seizure of Barrick's gold reserves. The dispute stems from Mali's new mining code, which increases the state's revenue share and eliminates tax exemptions for mining companies. Negotiations will focus on tax payments, Barrick's compliance with the new code, and the release of the seized gold.
Read more »
Mali Demands $200 Million From Barrick Gold, Back Taxes at StakeMali's government is seeking $200 million in back taxes from Barrick Gold, leveraging the influence of former Randgold executives familiar with the company's operations. The dispute, which has seen the arrest of four Barrick executives, reflects the growing assertiveness of West African military governments in securing a larger share of mining revenues.
Read more »
Barrick Gold CEO Says Mali Dispute Progressing SlowlyBarrick Gold Corp. CEO Mark Bristow stated that the company is making progress in resolving its dispute with Mali's military regime, but the advancements are slower than anticipated. The standoff centers around revenue distribution from Mali's largest mine, with the government blocking gold exports and issuing an arrest warrant for Bristow. Barrick has initiated arbitration proceedings. Bristow emphasized the importance of the mining industry to Mali's economy and expressed cautious optimism about the situation.
Read more »
Barrick halts operations in Mali after $245m in gold seizedNo 1 source of global mining news and opinion
Read more »
Barrick Gold Temporarily Suspends Operations at Mali Mining Complex Due to Gold Export RestrictionsBarrick Gold Corporation has been forced to temporarily halt operations at its Loulo-Gounkoto mining complex in Mali after the Malian government restricted the export of gold from the site. The seized gold stock is now held in a custodial bank, preventing its shipment and sale. Barrick remains committed to finding a resolution through constructive engagement with the Malian government and stakeholders.
Read more »
Mali Seizes Gold Stock at Barrick's Loulo-Gounkoto Mine, Threatens SuspensionMali's government seized gold stock at Barrick Gold's Loulo-Gounkoto mine, escalating tensions over mining revenue sharing. Barrick warned of potential suspension if restrictions on gold shipments aren't lifted.
Read more »