The affair caused a stir in Bamako and well beyond the Malian borders. The transitional government has initiated a historic seizure of the gold stocks of Barrick Gold, a heavyweight in global mining. A radical measure which highlights an intense standoff between the Malian junta and the Canadian giant.
What is at stake? What are the risks for the Malian economy? Dive into the heart of a crisis that could redefine the future of the mining sector in the country.
Gold seizure: a striking first
On January 11, an unprecedented event occurred on the Loulo-Gounkoto site, one of the largest gold complexes in Mali. A helicopter dispatched by the government recovered nearly three tons of gold, worth an estimated $245 million. This action marks the effective application of a provisional precautionary seizure order issued by Bamako against Barrick Gold, due to large-scale financial disputes.
According to the authorities, the Canadian company did not honor the payment of hundreds of millions of dollars which correspond to a share of the profits linked to mining. For its part, Barrick strongly contests this claim, estimated at nearly $500 million, and denounces an obstacle to its operations.
An economic and legal standoff
This conflict originated in 2024, when the Malian government launched a campaign to recover a colossal shortfall, estimated between 300 and 600 billion FCFA, from mining companies. If other players in the sector have agreed to find common ground, Barrick Gold, which manages 14% of its global production from Mali, has been more recalcitrant.
Tensions increased with the issuance of a national arrest warrant for Mark Bristow, CEO of Barrick, as well as the detention of several local executives. The blocking of exports and this seizure could now push the Canadian group to temporarily suspend its activities in Mali, an option considered in an internal memo relayed by Reuters.
A risky strategy for Bamako
For the Malian government, this offensive reveals a desire to better control national resources and increase public revenue. However, this approach is not without risks. A suspension of Barrick Gold’s operations could have major consequences for the Malian economy, which is very dependent on the gold sector.
Loulo-Gounkoto represents nearly 8,000 direct and indirect jobs, as well as an essential source of foreign currency for the country. If the Canadian giant withdraws, Mali could also see its reputation deteriorate in the eyes of foreign investors, a key factor for its economic development.
