Latest news with #Bamako
Yahoo
18 hours ago
- Business
- Yahoo
Market Chatter: Malian Tax Authorities Reopen Barrick Mining's Office
Barrick Mining's (B) office in Bamako has been reopened by Malian tax authorities under a court-appo
Yahoo
21 hours ago
- Business
- Yahoo
Mali court rejects appeal to release four Barrick employees, judge says
BAMAKO (Reuters) -A court in Mali on Tuesday rejected an appeal by Barrick Mining to release four employees arrested last November, judge Samba Sarr said, the latest development in a long-running standoff between the Canadian firm and the Mali government over taxes and ownership of mining operations in the country. The appeal by the company, which has dismissed the allegations against the four local employees as baseless, was determined by the judge to be "unfounded", said Alifa Habib Kone, a lawyer for Barrick. The employees face charges including money laundering and violation of other regulations, Kone said. Barrick has said it refutes the charges against its employees. Barrick and Mali's military-run government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the country's gold mines. Barrick owns 80% of the Loulo-Gounkoto mining complex in Mali and the government owns the rest. Operations have been suspended since mid-January after the government blocked Barrick's gold exports and seized three metric tons of its stocks. Malian authorities arrested the four employees in late November and they have been in pre-trial detention in Bamako, according to Barrick's website. Mali also issued an arrest warrant last December for Barrick CEO Mark Bristow who is based in Toronto. He is accused of money laundering and violating financial regulations, according to the warrant document. Governments in Mali, Burkina Faso and Niger - all led by juntas - are all seeking to renegotiate new terms with gold miners to gain a bigger share of mining revenue at a time when gold prices have soared. Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year. 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
Reuters
21 hours ago
- Business
- Reuters
Mali court rejects appeal to release four Barrick employees, judge says
BAMAKO, July 22 (Reuters) - A court in Mali on Tuesday rejected an appeal by Barrick Mining ( opens new tab to release four employees arrested last November, judge Samba Sarr said, the latest development in a long-running standoff between the Canadian firm and the Mali government over taxes and ownership of mining operations in the country. The appeal by the company, which has dismissed the allegations against the four local employees as baseless, was determined by the judge to be "unfounded", said Alifa Habib Kone, a lawyer for Barrick. The employees face charges including money laundering and violation of other regulations, Kone said. Barrick has said it refutes the charges against its employees. Barrick and Mali's military-run government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the country's gold mines. Barrick owns 80% of the Loulo-Gounkoto mining complex in Mali and the government owns the rest. Operations have been suspended since mid-January after the government blocked Barrick's gold exports and seized three metric tons of its stocks. Malian authorities arrested the four employees in late November and they have been in pre-trial detention in Bamako, according to Barrick's website. Mali also issued an arrest warrant last December for Barrick CEO Mark Bristow who is based in Toronto. He is accused of money laundering and violating financial regulations, according to the warrant document. Governments in Mali, Burkina Faso and Niger - all led by juntas - are all seeking to renegotiate new terms with gold miners to gain a bigger share of mining revenue at a time when gold prices have soared. Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year.
Yahoo
2 days ago
- Politics
- Yahoo
Bamako Roundtable Outlines Framework for Colonial Reparations, Citing ICC Ineffectiveness
BAMAKO, Mali, July 20, 2025 /PRNewswire/ -- In partnership with Youri Communication, an international roundtable of experts, politicians, and civil society activists convened at the Grand Hôtel in Bamako on July 19 to address historical justice and establish mechanisms for reparations for colonial crimes in Africa. The event, themed "Colonial crimes: it's time for compensations," served as a critical platform for African leaders to unite on the issue and outline a path toward holding former colonial powers accountable. The roundtable focused on key issues including the official recognition of colonial-era damages, the creation of viable legal mechanisms for reparation, and the comprehensive calculation of economic losses. A significant portion of the discussion was dedicated to the perceived failures and ineffectiveness of the International Criminal Court (ICC). Speakers expressed a consensus that the ICC is highly politicized, making it an unlikely avenue for Africa to secure fair and impartial justice from former colonizers. In light of the ICC's shortcomings, the roundtable explored the prospects of the African Court on Human and Peoples' Rights as a more effective institution for delivering genuine justice. The discussions are intended to form the basis for future actions aimed at achieving accountability. The event featured a distinguished panel of speakers, including Mohamed Ousmane Ag Mohamedoun Haidara, Ousseynou Ouattara, Youssouf Z Coulibaly, Assane M. Seye, and Daouda Naman Tékété. The roundtable also included exclusive commentary from historian Amadou Diaw and the President of the African Court on Human and Peoples' Rights, Modibo Sacko. About Youri Communication: Youri Communication is a an emerging media consulting firm based in Bamako, specializing in strategic communications for political and non-governmental organizations across West Africa. For over seven years, the company has been dedicated to amplifying African voices on the global stage. Photo: View original content to download multimedia: SOURCE Youri Communication 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
Yahoo
11-07-2025
- Business
- Yahoo
Exclusive-Mali military helicopter airlifts gold from Barrick-owned Loulo-Gounkoto
By Portia Crowe and Divya Rajagopal DAKAR/TORONTO (Reuters) -A Malian military helicopter airlifted gold from the Barrick-owned Loulo-Gounkoto complex on Thursday, three sources said, days after Reuters reported that a court-appointed administrator planned to sell the site's bullion to finance operations. A Bamako court last month appointed a provisional administrator to restart operations at the West African country's largest gold mining site, nearly six months after Barrick Mining suspended them amid tense negotiations over the implementation of a new mining code. Barrick said it was forced to suspend operations in mid-January after Mali's military-led government blocked its exports for two months, detained some of its executives and seized three tons of bullion. It also launched arbitration at the World Bank to try to resolve the dispute. On Thursday morning, a brown and green helicopter touched down at the site's tree-lined landing strip. Its passengers were escorted by the mine's security team to the plant, where the gold room is located, the first source said. The helicopter took off some five hours later with the bullion on board. "Any plan by the provisional administrator to restart operations or sell gold from the site would be not only illegitimate but also ill-advised," Barrick said in a statement on Thursday. One ton of gold - worth about $107 million - had remained in the site's storeroom since January, when three tons of gold were removed to be stored in a bank vault on the orders of a Malian judge, the first source said. The full ton was taken on Thursday, the second source said. The provisional administrator, former health minister Soumana Makadji, has said he plans to finance the mine's operations by selling gold, the first and third sources and a fourth person said. The first three sources said the airlifted gold would be sold for this purpose. While drilling and other extractive activities have not yet begun, operations at the site's plant - which processes ore stocks into gold - restarted on Monday, the third and fourth sources and another person said. According to internal estimates seen by Reuters, it will take between 11 and 13 days from the restart of the plant to the production of the first gold bars. Spokespeople for Mali's mines ministry did not immediately respond to requests for comment. Makadji could not be reached for comment. Barrick and Mali's government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the gold mines.
