Exclusive: According to insiders, Mali has started using helicopters to seize Barrick gold

Following a military-led government order last week to seize the stock, Mali started transporting gold by helicopter out of Canadian miner Barrick Gold’s (ABX.TO) new massive Loulo-Gounkoto complex on Saturday, according to four people familiar with the matter.

Two sources told Reuters on Monday that about three metric tons had been removed, with one estimating the gold’s value at $245 million. Where the gold had been removed was unclear.

According to one source, witnesses at the location reported seeing gold being transported in two different helicopter loads. According to a second source, the confiscation order issued by a judge last week included the seizure.

Beginning in 2023, Barrick and the Mali government have been at odds over a contract based on new mining regulations. Mali has detained top executives and issued an arrest warrant for Barrick CEO Mark Bristow as part of the ongoing dispute, which has escalated many times.

At a time when gold prices are at all-time highs, the military regimes in Niger, Burkina Faso, and Mali are all trying to renegotiate arrangements in order to increase their share of mining profits.

Requests for response were not immediately answered by Barrick or the Malian government.

In a message to Malian employees on Sunday, Barrick stated that the government has started to carry out an order to confiscate the gold and cautioned once more that it could have to halt operations at the complex due to the protracted conflict.

According to analysts at Jefferies, Barrick’s profits before interest, taxes, and amortization might drop by 11% in 2025 if the mine’s output is suspended.

According to people who spoke to Reuters, Mali has previously asked that Barrick pay around $500 million in overdue taxes. Barrick denies any misconduct. The corporation did pay the Malian government $85 million in October, according to its quarterly results report.

Barrick issued a warning last month about the serious decline in circumstances at Loulo-Gounkoto, including the blocking of bullion shipments and the unjustified detention of staff. The Mali government owns 20% of the mining complex, while the corporation owns 80% of it.