The Canadian group Barrick Gold announced on Monday January 6, after the Malian junta ordered it to seize the gold stocks present on the Loulo-Gounkoto site (west of the country), that it had given it a few days to unblock them, otherwise it will suspend its operations. The industrialist and the Malian state have been engaged in a standoff for months over what is one of the largest gold mining complexes in the world, in a general context of increased pressure exerted on foreign mining and gold companies.
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The military, who came to power by force in 2020, are seeking to obtain a greater share of the revenue generated by the Loulo-Gounkoto underground and open-air complex, in which Barrick Gold holds 80% of the shares and the Malian state 20%. . The junta was already preventing the group from exporting gold from the site. The authorities have now issued a “preservation order” of the stock of gold present on site, Barrick Gold indicated in a press release, without specifying the volume.
“The inability to ship gold not only affects operations, but has broader implications for the local economy, the 8,000 employees and the many local service providers and suppliers”underlines the Canadian group. “If this issue is not resolved in the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto”he warns.
Juicy revenues from the mining industry
Malian authorities have already charged and detained four Malian employees of Barrick Gold at the end of November. They issued national arrest warrants in December against the South African CEO of the company and the Malian general manager of the complex for “money laundering”.
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The junta has officially made the fight against corruption and the restoration of national sovereignty over natural resources its mantras. She pays particular attention to the lucrative revenues from the mining industry.
Mali, one of the poorest countries in the world, also faced with jihadism and a multidimensional crisis, is one of the leading producers of gold in Africa. This precious metal contributes to a quarter of the national budget and three quarters of export earnings.
The Barrick Gold group has indicated that it has initiated international arbitration proceedings and says it wants “resolve existing disputes amicably” with the Malian government. The company also says it is ready to “redefine the partnership for the future and increase the State’s share [malien] in profits » from Loulo-Gounkoto.
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