Mali'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.
Mali’s government and Barrick Gold will start a new round of negotiations on Tuesday to resolve a deepening dispute over the alleged nonpayment of taxes by the Canadian miner and the seizure of its gold stocks by authorities in the country, two sources familiar with the matter toldin Mali after the government seized close to 3 metric tons of gold, worth $250 million from the company’s Loulo-Gounkoto complex.
The dispute between Mali and Barrick is over the country’s new mining code that came into effect in 2023. The mining code gives the state a bigger share of mining revenues and removes tax exemptions for mining companies. The new round of negotiations will be around the tax payments, Barrick’s agreeing to the new mining code and the release of the seized gold, according to people aware of the development who did not wish to be quoted as they are not authorized to speak about the issue.Jefferies analysts have estimated that suspending production at the mine could cut Barrick’s earnings before interest, tax and amortization by 11% in 2025.
MALI BARRICK GOLD MINING DISPUTE TAXES MINING CODE
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