The Canadian group Barrick Gold announced Monday that the Malian junta had ordered the seizure of gold stocks on the Loulo-Gounkoto site and that it had given it a few days to unfreeze them, failing which it would 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.
The military who came to power by force in 2020 are seeking to obtain a greater share of the revenue generated by the underground and open-air complex of Loulo-Gounkoto (west), of which Barrick Gold holds 80% and the Malian state 20%.
The junta was already preventing Barrick Gold from exporting gold from Loulo-Gounkoto.
The authorities have now issued a “protective seizure order” for the stock of gold present on site, Barrick Gold said 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 problem is not resolved in the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto,” he warns.
Malian authorities have already charged and detained four Malian Barrick Gold employees in late November. In December, they issued national arrest warrants against the South African CEO of the company and the Malian general manager of the complex for “money laundering”.
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 announced that it had initiated international arbitration proceedings and said it wanted to “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 share of the (Malian) State in the profits” of Loulo-Gounkoto.
