“The company continues to be prohibited from shipping gold from the Loulo-Gounkoto mining complex in Mali. Additionally, the protective seizure order against the gold stockpile has now been executed by the government of Mali, which transferred the existing gold stock on the site to a custodian bank”Barrick said in a press release. “As a result, Barrick was forced to initiate the temporary suspension of operations while continuing to work towards a resolution”she said.
The industrialist and the Malian state have been engaged in a standoff for months around the Loulo-Gounkoto complex, in a general context of increased pressure exerted on foreign mining companies. The military is seeking to obtain a greater share of the revenues generated by extractive activities, including those from the underground and open-air complex of Loulo-Gounkoto (west), of which Barrick Gold holds 80% and the Malian state 20%.
The authorities implemented a court order last weekend to seize the site’s gold stocks.
When questioned several times, Barrick did not confirm the quantity of gold present on site or its value. 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.
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