Barrick expresses dedication to achieving a resolution that benefits both parties in Mali

Barrick Gold is “fully engaged and committed to reaching a mutually beneficial resolution” with Mali to resolve a dispute regarding its assets in the region, according to a memo from its chief operating officer for Africa and the Middle East, which was reviewed by Reuters on Saturday.

The Canadian miner and the Malian government have been engaged in a dispute since 2023 regarding the enforcement of the West African nation’s new mining code, which allocates a larger share to the state in Barrick’s Loulo-Gounkoto gold mining complex.

Barrick announced on January 13 that it was required to temporarily halt mining operations in Mali following the government’s seizure of approximately three metric tons of gold stock from its facility. The company’s gold exports have faced government restrictions since early November.

On February 19, Reuters reported that Barrick had reached an agreement to resolve the dispute, which subsequently required formal approval from the state.

Although there have been no significant issues since that time, the finalization of the deal is taking longer than expected, according to a source familiar with the process who spoke to Reuters.

According to another individual familiar with the agreements, previous contracts with other mining companies operating in Mali also required “some time” for the government to sign.

In the company memo distributed to staff on Saturday, Sebastiaan Bock stated that there are “no major updates at this stage”.

“Please remember that all non-essential operations are currently on hold until further notice,” he stated.

Staff salaries and annual bonuses have been upheld despite the suspension. However, a supplier of the complex informed Reuters in early March that Barrick had two months’ worth of outstanding payments.