Latest news with #Barrick
Reuters
an hour ago
- Business
- Reuters
Mali court adjourns hearing on whether to put Barrick's gold mines under provisional administration, sources say
BAMAKO, June 2 (Reuters) - A Malian court on Monday adjourned until June 5 a hearing on whether to put Barrick Mining's ( opens new tab Loulo-Gounkoto gold complex under provisional administration, the registry office and one of the lawyers involved told Reuters.
Canada Standard
3 days ago
- Business
- Canada Standard
Canadian gold miner seeks mediation in African dispute
Barrick has said its employees remain in detention in Mali, and exports from its mine have been blocked for months 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. READ MORE: Mali and Canadian miner fail to resolve payment dispute Bloomberg 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 neighboringNiger, 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. (
Russia Today
3 days ago
- Business
- Russia Today
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.
TimesLIVE
3 days ago
- Business
- TimesLIVE
Barrick asks World Bank court to intervene in Mali proceedings
Barrick Mining has asked the arbitration tribunal of the World Bank to intervene in legal proceedings in Mali, as the miner faces the possibility of the Loulo-Gounkoto mine falling under the control of the Mali government. Barrick's move comes as a local court in Mali is expected to rule on June 2 on the government's request to put the Canadian miner's gold mine under provisional administration. If the Mali court ruling goes in favour of the government, an individual or an organisation will be assigned to take over the mine and reopen it. Barrick's gold mine in Mali has been shut since January this year after Mali seized three tons of gold from its mine over non-payment of taxes. Barrick has disputed the allegations. In a filing with the International Centre for Settlement of Investment Disputes (ICSID) made public on Wednesday, Barrick asked the arbitration tribunal for "provisional measures."
Reuters
4 days ago
- Business
- Reuters
Barrick asks World Bank court to intervene in Mali proceedings
TORONTO, May 29 (Reuters) - Barrick Mining ( opens new tab has asked the arbitration tribunal of the World Bank to intervene in legal proceedings in Mali, as the miner faces the possibility of the Loulo-Gounkoto mine falling under the control of the Mali government. Barrick's move comes as a local court in Mali is expected to rule on June 2 on the government's request to put the Canadian miner's gold mine under a provisional administration. If the Mali court ruling goes in favor of the government, an individual or an organization will be assigned to take over the mine and reopen it. Barrick's gold mine in Mali has been shut since January this year after Mali seized 3 tons of gold from its mine over non-payment of taxes. Barrick has disputed the allegations. In a filing with the International Centre for Settlement of Investment Disputes (ICSID) made public on Wednesday, Barrick asked the arbitration tribunal for "provisional measures." "Put simply, 'provisional measures' means that Barrick has applied to the tribunal for an order requiring Mali government to refrain from taking further actions that would exacerbate the dispute, including Mali's effort to place the mine into provincial administration," Timothy Foden, of international law firm Boies Schiller Flexner, said. Barrick did not immediately respond to an email query from Reuters. Mali's Mines Ministry did not respond to a Reuters email query either. Mali, Africa's third-largest gold producer, has issued a new mining code and tightened its grip on the country's gold mines, mostly run by Western companies. The military-led government says that it wants to increase its revenue from the mining sector as it believes current arrangements are unfair, and that foreign multinationals must comply with its demands if they want to keep operating in the gold-rich country. Most mining companies in Mali have yielded to the government's demands, except Barrick. The company has repeatedly said it has invested heavily in the Malian economy for more than 20 years. It accuses the government of moving its goal posts and asking for more money, as well as unfairly some of its executives in what it says is an attempt to blackmail the company. Mali's military-led government has shut down Barrick's corporate office in Bamako, and the mine closure has led to Barrick's contractors laying off their employees. An official familiar with the Mali government's thinking told Reuters that there are no grounds for international arbitration, and it is a domestic tax issue. Even if the World Bank tribunal rules in favor of Barrick's request for a provisional measure, Mali can ignore it, Foden said, although Mali would risk further scaring off Western investors.
