Judge: Mali court denies appeal to free four Barrick employees

A court in Mali denied Barrick Mining’s (ABX.TO) appeal on Tuesday, opening a new tab to free four employees who were arrested in November of last year, according to judge Samba Sarr. This is the most recent development in a protracted dispute between the Mali government and the Canadian company over ownership and taxes of mining operations in the country.

The company’s appeal was deemed “unfounded” by the judge, according to Barrick attorney Alifa Habib Kone, who dismissed the accusations against the four local employees as unfounded.

According to Kone, the staff members are charged with money laundering and other offenses.

Barrick has stated that it denies the accusations made against its workers.

Since 2023, Barrick has been negotiating with the military-run government of Mali to establish a new mining code that would increase taxes and give the government a larger stake in the nation’s gold mines.

In Mali, Barrick holds 80% of the Loulo-Gounkoto mining complex, with the government holding the remaining portion. The government halted Barrick’s gold shipments and confiscated three metric tons of its stock, causing operations to halt since mid-January.

Barrick’s website states that the four employees have been in pre-trial prison in Bamako since they were apprehended by Malian police in late November.

Additionally, in December of last year, Mali issued an arrest warrant for Toronto-based Barrick CEO Mark Bristow. According to the warrant paperwork, he is charged with financial regulation violations and money laundering.

The junta-led governments of Mali, Burkina Faso, and Niger are attempting to renegotiate new terms with gold miners in order to increase their share of mining profits during a period of skyrocketing gold prices.

14% of Barrick’s gold production comes from Mali, where the company made $949 million in revenue during the first nine months of last year.