Canadian gold miner seeks mediation in African dispute
Canadian company Barrick Mining has appealed to the World Bank's arbitration tribunal to settle a legal dispute with Mali. The miner currently risks losing control of its gold operations in the West African country, Reuters reported on Friday.
The request to the International Centre for Settlement of Investment Disputes (ICSID) comes ahead of a Malian court ruling scheduled for June 2 on the government's application to place the mine under provisional administration.
Barrick's Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been closed since January after Mali seized three tons of gold from the mine over alleged unpaid taxes – a claim Barrick denies.
According to a filing on the ICSID's website, the mining giant is seeking 'provisional measures' to prevent further actions by the Sahel state's military leadership that could exacerbate the dispute.
The former French colony is one of Africa's top gold producers, with large-scale operations such as the Loulo-Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. Since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income amid rising gold prices. In 2023, a new mining code was introduced allowing the military government to claim a stake of up to 30% in any new projects.
Barrick, one of the world's largest gold producers, has been operating in Mali for nearly three decades and insists it has complied with Malian law and its binding mining conventions.
Tensions escalated in late 2024 when four Barrick executives were detained and a warrant was issued for CEO Mark Bristow, all on charges of money laundering and financing of terrorism – allegations the company says are untrue. Negotiations between the two sides recently collapsed after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan.
Earlier this week, the mining firm issued a statement claiming that the Malian government's attempt to 'interfere with Loulo-Gounkoto's operations is without precedent or lawful justification.'
'This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees — now held for over five months — and the ongoing blockage of gold exports from the complex,' the company said.
Barrick is not the only Western company under pressure in the Sahel region. In neighboring Niger, French nuclear fuel firm Orano lost its license to the Imouraren uranium mine in 2024. The military government also seized its subsidiary Somair later that year. Orano has taken legal action against Niger's government, citing illegal detention and property confiscation.
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Canadian gold miner seeks mediation in African dispute
Canadian company Barrick Mining has appealed to the World Bank's arbitration tribunal to settle a legal dispute with Mali. The miner currently risks losing control of its gold operations in the West African country, Reuters reported on Friday. The request to the International Centre for Settlement of Investment Disputes (ICSID) comes ahead of a Malian court ruling scheduled for June 2 on the government's application to place the mine under provisional administration. Barrick's Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been closed since January after Mali seized three tons of gold from the mine over alleged unpaid taxes – a claim Barrick denies. According to a filing on the ICSID's website, the mining giant is seeking 'provisional measures' to prevent further actions by the Sahel state's military leadership that could exacerbate the dispute. The former French colony is one of Africa's top gold producers, with large-scale operations such as the Loulo-Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. Since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income amid rising gold prices. In 2023, a new mining code was introduced allowing the military government to claim a stake of up to 30% in any new projects. Barrick, one of the world's largest gold producers, has been operating in Mali for nearly three decades and insists it has complied with Malian law and its binding mining conventions. Tensions escalated in late 2024 when four Barrick executives were detained and a warrant was issued for CEO Mark Bristow, all on charges of money laundering and financing of terrorism – allegations the company says are untrue. Negotiations between the two sides recently collapsed after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan. Earlier this week, the mining firm issued a statement claiming that the Malian government's attempt to 'interfere with Loulo-Gounkoto's operations is without precedent or lawful justification.' 'This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees — now held for over five months — and the ongoing blockage of gold exports from the complex,' the company said. Barrick is not the only Western company under pressure in the Sahel region. In neighboring Niger, French nuclear fuel firm Orano lost its license to the Imouraren uranium mine in 2024. The military government also seized its subsidiary Somair later that year. Orano has taken legal action against Niger's government, citing illegal detention and property confiscation.
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