The Malian government has begun the execution of a provisional order to seize gold stocks at the Loulo-Gounkoto mining site, operated by the Canadian multinational Barrick Gold.
On Saturday January 11, a helicopter specially dispatched by the authorities recovered part of the gold stocks on the site, located in the west of the country, according to RFI. In an internal communication, Barrick Gold confirmed the start of application of the order without specifying the quantity of gold seized. However, industry sources, including Reuters, estimate that nearly three tonnes, worth around $245 million, were confiscated.
« This further complicates our exports and seriously disrupts our operations”said Sebastiaan Bock, Barrick’s chief operating officer for Africa and the Middle East. For more than seven weeks, the company has been unable to export its production, worsening an already critical situation.
With management staff still detained by authorities and a nationwide arrest warrant issued for its CEO, Mark Bristow, Barrick Gold may be forced to temporarily suspend operations in Mali. In an internal memo dated Sunday, January 12, the company reiterated this warning, emphasizing the urgency of a resolution.
As a reminder, the Loulo-Gounkoto site represents approximately 14% of Barrick Gold’s global gold production and employs nearly 8,000 people.
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