Barrick Says Mali's Bid to Take Over Gold Mine Lacks Legal Basis
Barrick Mining Corp. said Mali's request to put the company's gold operations in the West African country into provisional administration has no legal justification.
The Canadian mining company is locked in a dispute with Mali's military regime over revenues from the vast Loulo-Gounkoto complex. The government has blocked bullion exports and asked a judge to authorize the transfer of the assets to an interim administrator. The commercial court in the capital, Bamako, is expected to make a ruling on June 2, after postponing a hearing last week.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
7 hours ago
- Bloomberg
Bridgestone Halts Liberia Rubber Purchases After Prices Raised
Firestone Liberia LLC has halted rubber purchases from farmers after the government raised the price paid to growers. The Liberia National Rubber Pricing Committee set farmers' pay at $574.06 per ton of cup lumps or slabs on Tuesday, 15.3% higher than the rate Firestone currently pays. It was the committee's first decision since the government constituted it last month to review prices every four weeks.
Bloomberg
a day ago
- Bloomberg
Bank of Ghana Plans to Cap Non-Performing Loan Ratio at 10% by December 2026
Ghana's central bank is planning to introduce a cap on non-performing loans for the banking industry to restore asset quality after the West African nation's debt restructuring and period of high inflation eroded individuals and companies' ability to repay their loans. The directive to be enforced by December 2026 will cap non-performing loans ratio at 10%, Bank of Ghana Governor Johnson Asiama said in the capital, Accra, Tuesday.
Yahoo
2 days ago
- Yahoo
Malian court adjourns hearing on Barrick Mining's gold complex
A Malian court has adjourned a hearing on whether Barrick Mining's Loulo-Gounkoto gold complex should be placed under provisional administration, according to a Reuters report, citing sources. The court's decision to delay the hearing to Thursday (5 June) comes amidst a significant dispute between the Canadian mining giant and Mali's military-led government. The disagreement centres around the implementation of a new mining code, introduced in 2023, which demands higher taxes and greater government ownership of the gold mines. Operations at the Loulo-Gounkoto complex have been suspended since January after the government seized approximately three tonnes (t) of gold. Barrick Mining has been accused of failing to meet its tax obligations, leading to the government blocking the company's gold exports since early November. The standoff has persisted with Barrick Mining stating that operations can only recommence once the Malian Government lifts the export restrictions. This dispute occurs against the backdrop of surging gold prices, which have risen by 28.5% year-to-date, reaching a record high of $3,500.05/oz on 22 April. Last month, Mali's Government, which holds a stake in the mining complex, requested the Bamako Commercial Court to appoint a provisional administrator. This move is seen as a push to exert more control over the mines as negotiations continue to stall over the adherence to the 2023 mining code. The ongoing negotiations have been further complicated by the detention of four Barrick employees since November 2024 and an arrest warrant for CEO Mark Bristow issued in December 2024. The charges, which Barrick has publicly rejected without elaboration, include allegations of money laundering and financing of terrorism, as per a court document. In response to the legal challenges in Mali, Barrick Mining has sought the intervention of the World Bank's arbitration tribunal. The company has requested provisional measures as the local court prepares to rule on the government's bid to assume control of the Loulo-Gounkoto mine on 2 June 2025. The legal dispute intensified following Mali's seizure of gold from Barrick's mine over alleged tax evasion, a claim the mining operator disputes. "Malian court adjourns hearing on Barrick Mining's gold complex" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
