Barrick Gold has initiated arbitration proceedings against the Malian government regarding its Loulo-Gounkoto mine complex, citing disagreements over economic benefits sharing. The Canadian mining giant faces challenges from Mali's military junta, which has implemented audits and seeks revised agreements with foreign operators.
Barrick Gold (NYSE:GOLD; TSX:ABX) announced on Wednesday that it had submitted a request for arbitration to the International Centre for the Settlement of Investment Dispute s (ICSID) to resolve disagreements with the Mali an government over its Loulo-Gounkoto mine complex.The Canadian mining giant has been locked in a months-long dispute with the government over dividing economic benefits from the Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold last year.
on Wednesday, Barrick said the request for arbitration reflects its commitment to “adhering to established processes for resolving disputes in a fair and transparent manner.” “Over its nearly three decades of operating in Mali, Barrick has consistently demonstrated its long-term commitment to the country and its people. While this process is ongoing, Barrick remains open to continued dialogue with the Government to resolve these issues amicably and ensure the long-term success of the Loulo-Gounkoto complex,” said Mark Bristow, Barrick president and CEO.Mali, Africa’s second-largest gold producer, has been under military rule since 2021, following the country’s third coup in less than ten years. The junta has prioritized, and conducting audits of operations. These changes have led to tense negotiations with foreign operators like Barrick, particularly over tax disputes and the terms of new agreements.Barrick’s Loulo-Gounkoto complex, developed during Bristow’s tenure as CEO of Randgold before its acquisition by Barrick in 2018, is a cornerstone of Mali’s economy. Over the past 29 years, the company has invested more than $10 billion in the country, contributing between 5% and 10% of Mali’s GDP annually. Last year alone, Barrick injected over $1 billion into the local economy. The mine complex is also one of Mali’s largest taxpayers and employers, with 97% of its 8,000-strong workforce being Malian national
Barrick Gold Mali Mining Arbitration Investment Dispute
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