Latest news with #BarrickMiningCorp
Business Insider
22-07-2025
- Business
- Business Insider
Mali court denies bail for Barrick staff as gold mine seizure deepens crisis
An appeal for the conditional release of four Barrick Mining Corp. employees, who have been in custody since November 2024 on allegations of money laundering, terrorism financing, tax violations, and other regulatory offenses, all of which Barrick strongly disputes, was denied by a Malian court on Tuesday. A Malian court denied an appeal for the conditional release of four Barrick employees held since November 2024 for allegations including money laundering and terrorism financing. Barrick disputes the claims, citing legally binding agreements affected by Mali's 2023 mining code, which raised royalties and enhanced state equity. Operations at the Loulo-Gounkoto mining complex have been suspended due to gold export bans and state control measures, including gold bullion seizures. The decision is made in the midst of increased tensions following the six-month state management of Barrick's Loulo–Gounkoto gold mining complex by Mali's military junta. According to Alifa Habib Kone, a lawyer for Barrick, the judge found the company's appeal, which discounted the allegations against the four local employees as baseless, to be "unfounded". The seizure is part of a larger dispute that was brought on by Mali's new 2023 mining code, which raised mining royalties and increased the state's equity share. Barrick opposes these measures, pointing to legally binding agreements already in place. Barrick's operations at Loulo-Gounkoto have been halted since January 2025, when Malian authorities banned gold exports and seized approximately three metric tonnes of the company's gold bullion. In mid-July, state helicopters retrieved an additional one metric tonne of gold worth an estimated US$117 million, possibly for selling to support mine operations under state control. Mali's assertive posture reflects a growing movement among West African military governments (e.g., Burkina Faso, Niger, Guinea, DRC) to renegotiate mining terms, tighten exports, and gain greater control over critical resources. Barrick criminal conspiracy in the Sahel The four Barrick employees have been in prison in Bamako since their arrest by Malian police in November last year. Additionally, in December 2024, Mali issued an arrest warrant for Barrick CEO Mark Bristow, accusing him of money laundering and financial misconduct The warrant document alleges that he violated financial regulations and is accused of money laundering. Concerning the recent surge in gold prices, the junta-led governments of Mali, Burkina Faso, and Niger are attempting to renegotiate new terms with gold miners to increase their share of mining profits.
Bloomberg
22-07-2025
- Business
- Bloomberg
Mali Court Rejects Appeal to Release Four Barrick Staff
A court in Mali rejected an appeal for the conditional release of four Barrick Mining Corp. employees detained since November. Its refusal comes as Mali's ruling junta placed Barrick's Loulo-Gounkoto complex under state control for six months. The junta earlier this month seized about a ton of gold from the biggest gold mine in Africa potentially for sale by the provisional administration to finance operations at the mine.
Reuters
21-07-2025
- Business
- Reuters
Zambia sees economic growth picking up to 6.4% next year
LUSAKA, July 21 (Reuters) - Economic growth in Zambia is expected to accelerate to 6.4% next year from 5.8% this year, driven by its mining and agriculture sectors, the finance ministry said. The Southern African country's economy is recovering from a severe regional drought, which curbed growth last year after years of protracted debt-restructuring negotiations. The finance ministry's medium-term budget plan projected gross domestic product would rise 6.5% in 2027 and 5.1% in 2028. The government said it would focus on increasing electricity supply from power sources like solar, given the severe impact the drought had on hydropower generation and productivity in major industries. Production of key export copper is projected to be just over 1 million metric tons next year, 1.2 million metric tons in 2027 and more than 1.3 million tons in 2028, the budget plan said. President Hakainde Hichilema's government has been trying to lift copper output and is aiming for close to 1 million tons this year after strong first-quarter production. First Quantum Minerals ( opens new tab recently completed a $1.25 billion expansion project at its Kansanshi copper mine and Enterprise nickel operations. Barrick Mining Corp ( opens new tab is also carrying out a $2 billion plan to double output from its Lumwana copper mine and extend its life to 2057.
Bloomberg
15-07-2025
- Business
- Bloomberg
Barrick Weighs Sale of Gold Mine to Discovery Silver
Barrick Mining Corp. is in advanced talks to sell its last Canadian gold mine to Discovery Silver Corp., according to people familiar with the matter, as the firms seek to capitalize on the soaring price of the precious metal. Discovery Silver is in the final stages of a process Barrick launched in April to sell the Hemlo gold mine in Ontario, the people said, who asked not to be named. There's no certainty the deliberations will lead to a transaction, the people said.
Bloomberg
11-07-2025
- Business
- Bloomberg
Mali Seizes Barrick Gold as Junta Leader Claims Indefinite Rule
Mali's government seized more than a ton of gold from Barrick Mining Corp., days after the West African nation's junta leader signed a law granting himself a mandate renewable forever. State helicopters landed ' unannounced ' and took the equivalent of about 35,000 ounces of bullion 'potentially for sale by the provisional administration — though that remains to be seen and the situation is evolving,' the Toronto-based Barrick said in a statement. The seized amount is worth about $117 million, with gold trading at around $3,324 per ounce on Friday.
