Canadian mining giant loses control of African site

A court in Mali has transferred the management of Barricks biggest gold sites to a state-appointed provisional administrator
Mali has temporarily stripped Canadian firm Barrick of control over the West African country's largest gold mining operations, amid an escalating dispute over alleged unpaid taxes and royalties.
On Monday, a court in Bamako ruled that the management of the Loulo-Gounkoto gold complex in western Mali be handed over to a state-appointed provisional administrator for six months. Bamako Commercial Tribunal Judge Issa Aguibou Diallo announced that the mine will be managed during the period by Soumana Makadji, a former health minister and professional accountant.
The decision follows the government's closure of Barrick's offices in the capital and warnings to take over the site, which has been inactive for months. Mali's military authorities have defended the move as necessary to maintain operations and protect the country's economic interests. Barrick, however, has denounced the court order as illegal and a breach of its contractual agreements.
"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 mining giant said in astatement.
READ MORE: Canadian gold miner seeks mediation in African dispute
The Loulo-Gounkoto mines are 80% owned by Barrick and 20% by the Malian government.
The company suspended operations at the mine in January after the authorities seized three tons of gold from the mines and blocked its exports over unpaid revenues - a claim Barrick denies.
In February, Barrick said it had reached a settlement deal to reopen the mine, following an earlier $85 million payment made to the government last October. However, talks between the two sides recentlycollapsedafter Mali demanded a lump-sum tax payment of 125 billion CFA francs ($197 million), while Barrick pushed for a structured repayment plan.
Tensions have escalated since late last year over the detention of four Barrick employees, who face charges of money laundering and financing terrorism - accusations the company has rejected as false.
The mining giant has filed a case against Mali with the World Bank's arbitration tribunal.
"While the company has made a number of good faith concessions in the spirit of partnership, it cannot accept terms that would compromise the legal integrity or long-term viability of the operations," Barrick said on Monday.
The former French colony introduced a new mining code in 2023, allowing the state to claim up to a 30% stake in new projects as part of efforts to boost revenue amid rising gold prices. The authorities in Bamako have expressed hope that a recentdealwith Russia's Yadran Group to establish a gold refinery - 62% owned by Mali - will help boost national revenues from bullion production.
(RT.com)

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an hour ago

• The Province

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The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors RCMP Asst. Commissioner David Teboul told Postmedia that the previously unidentified suspect in the mass murder case recently died without ever facing charges. He said he couldn't release the name of the man due to privacy laws even though he's now dead. Teboul and several other RCMP officers are part of the Canadian delegation here to mark the 40th anniversary of the Air India bombing. Dozens of relatives of victims are arriving to attend the service at a memorial to the 329 people who died when a B.C.-made bomb exploded on Air India Flight 182 off the coast of Ireland. 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2 hours ago

Nearly half of national public pension plan is invested in U.S. — and only 12% in Canada

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Cision Canada

2 hours ago

• Cision Canada

Africa Energy Announces Annual Meeting Voting Results

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