Mali hearing on Barrick's Loulo-Gounkoto gold complex adjourned to June 16

Reuters

20 hours ago

BAMAKO, June 12 (Reuters) - A Malian court adjourned until June 16 a hearing on whether to put Barrick Mining's (ABX.TO), opens new tab gold mining complex, suspended since January due to a dispute over taxes and ownership, under provisional administration, a presiding judge said on Thursday.
The Malian government, a shareholder in the Loulo-Gounkoto gold mining complex, in May asked the Bamako Commercial Court to appoint an administrator, signaling its desire to end the ongoing standoff and reopen the complex as global gold prices soar.
If reopened, the mine could bring in revenues worth at least $1 billion over the next 12 months due to record high gold prices, according to Reuters estimates. Due to the standoff, however, Mali risks repelling potential investors, while Barrick's shares have lagged those of its peers.
The government and the Canadian miner have been at odds since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the gold mines.
Barrick suspended operations at the complex in mid-January after authorities blocked its exports and seized three metric tons of its gold stock.
It has since removed the Malian gold complex from its overall output forecast for 2025.
Outside of court, negotiations between the two sides continue, according to people close to the talks.
Mali has agreed to allow Barrick to repatriate 20% of its earnings into an international bank account, an exception that was not made for any other foreign miners who recently renegotiated contracts with the state, two people familiar with the matter said.
In December, Barrick launched international arbitration proceedings over the dispute. In May, it asked the World Bank's arbitration court to halt the Bamako Commercial Court proceedings. According to two people aware of the development, the tribunal rejected that request.