Canadian mining giant Barrick Gold has issued a strong warning to the Malian government, citing escalating tensions that could threaten the future of its flagship Loulo-Gounkoto gold mine.
The Toronto-listed company criticised the West African nation for failing to finalise a tax agreement negotiated in February with the Ministry of Finance. Despite paying $85 million last year as part of the discussions, Barrick accused a small group of individuals of blocking the deal for political or personal reasons.
In a statement released Wednesday, the miner condemned recent government actions, including the closure of its Bamako office, suspension of gold shipments, and continued detention of local employees. Barrick added that Mali has also threatened to place the mine under provisional administration unless exports resume and outstanding taxes are paid.
Gold exports have been halted since November, a move Barrick says undermines its ability to meet tax obligations. Despite the disruption, the company says it continues to pay staff and contractors, warning the situation is “not sustainable.”
The dispute traces back to a mining code introduced by Mali in 2023, aimed at increasing state ownership in mining projects. Since then, unresolved issues over tax liabilities and operational terms have led to mounting friction. The Loulo-Gounkoto mine, a critical asset for Mali, has remained inactive since January.
Reuters reported this week that government authorities sealed Barrick’s office in the capital, further straining an already tense standoff.
