Latest news with #Mali
Reuters
4 hours ago
- Business
- Reuters
Exclusive: China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
DAKAR, July 23 (Reuters) - China's Zijin Mining ( opens new tab is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick ( opens new tab had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold ( opens new tab, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's (NEM.N), opens new tab Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%.
Yahoo
5 hours ago
- Business
- Yahoo
Exclusive-China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
By Maxwell Akalaare Adombila DAKAR (Reuters) -China's Zijin Mining is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%. 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
8 hours ago
- Business
- Yahoo
US court dismisses child-labour claims against cocoa importers
Nestlé, Hershey, Mars are among cocoa importers to have defeated an attempt to revive allegations they benefited from child slavery on cocoa farms in Côte d'Ivoire. The US Court of Appeals for the District of Columbia Circuit rejected the proposed class action lawsuit from eight plaintiffs, each a citizen of Mali, who sought to blame Hershey, Nestle, Mars, Mondelez International and three other companies for human trafficking. According to the plaintiffs, they were forced to work as children on farms after being promised well-paying jobs in remote areas of the west African country. They also allege that it was months or years before they were able to return home. However, the appeals court found there was no link between the plaintiffs' forced labour and the importers. US Circuit Judge Justin Walker wrote the 'plaintiffs in this case deserve the greatest sympathy and the people who took away their childhoods deserve the greatest condemnation. 'But the plaintiffs did not plausibly allege a connection between those people and the importers. The plaintiffs, therefore, lack standing to sue the importers.' Walker also wrote: "Is there a 'possibility' that at least some of the importers sourced cocoa from those farms? Yes, but is it 'plausible'? Not on this complaint.' As a result, the court concluded the plaintiffs did not 'connect the defendants to any specific cocoa plantations,' as they made no mention of which specific plantations they worked on as children. A lawyer representing the plaintiffs, Terry Collingsworth, said his clients were "extremely disappointed" and are "considering their legal options.' According to Reuters, the lawyer said the court 'rewarded the chocolate multinational defendants ... for concealing their cocoa supply chains, such that former child slaves are unable to link a specific company to the Cote d'Ivoire (Ivory Coast) farms where they were enslaved'. "US court dismisses child-labour claims against cocoa importers" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Guardian
8 hours ago
- The Guardian
A sacred moment at a dried-up oasis: M'Hammed Kilito's best photograph
I travelled to Merzouga in east Morocco three years ago, hoping to photograph some wall drawings and writings I had seen there earlier – markings that showed the distance from the village to Timbuktu, in Mali, by camel. But when I arrived, the markings had vanished. Faced with this absence, I found myself seeking a new story, something unplanned. Mustapha was my guide that day. At first, he took me along the typical tourist trails, which didn't speak to my photographic interests. Then he suggested we explore the sand dunes. Initially, I wasn't particularly interested in these either, but then we came across this old well. I set up my camera, a 1972 Hasselblad 500, and my tripod. As I started to photograph the well, Mustapha stepped forward, instinctively leaning in to look inside. I hadn't imagined him in the picture but he didn't pay attention to me. That spontaneous gesture – part ritual, part desperation – transformed the scene completely. It felt sacred, as though he were praying for the return of something essential: water. This unplanned moment encapsulates the core of my wider project, Before It's Gone: the fragility of ecosystems, the human search for survival, the quiet persistence of memory in the face of environmental loss. I began the project in 2018, driven by my growing awareness of how dramatically oasis environments were changing in Morocco. I started noticing patterns: rising temperatures, shrinking water sources, abandoned palm groves and increasing rural exodus. What was once a source of life and resilience for entire communities was slowly being erased. I felt an urgent need to document this transformation – not just ecologically but socially and culturally. Over the years, the project has taken me to dozens of oases and expanded to include Tunisia, Egypt, Saudi Arabia and Mauritania. It has unfolded through travel, extended conversations and long-term engagement with the people who live in these spaces. What drives me is the conviction that these are not just local stories – they are global warnings. The climate crisis is often framed in abstract or future terms. Through this work, I want to make it visible, human and grounded in the present. Including the human figure was essential. Oases are not just geographic features: they are homes, livelihoods and cultural reservoirs shaped over centuries. In this photograph, Mustapha embodies that deep connection. His gesture of looking into the well is both literal and symbolic – it speaks to dependence, resilience and vulnerability, but also to hope and remembrance. This reflects my work, which explores the complex relationship between people and their environments. Whether I'm documenting oases' decline, Moroccan youth, or the sociology of work and migration, I'm interested in how individuals navigate change. Water scarcity is no longer just an environmental issue. It's a humanitarian crisis, especially in regions such as the Sahara, where life has always depended on fragile water sources. I hope images like this can serve as visual testimonies – simple, powerful reminders of what is at stake. Photography has taught me to slow down and pay attention to people, landscapes and silence. This shot is a portrait of loss but also of quiet resistance. Communities are being forced to leave the only homes they've ever known, not because of war but because the water is disappearing. I hope the image evokes empathy and awareness. I want viewers to connect emotionally – to see the climate emergency not as a distant headline, but to recognise the urgent need to protect natural resources and the cultures and communities that depend on them. This was a fleeting moment, entirely unplanned, yet it now speaks to so much. Seeing it enlarged today as a poster in underground stations across London, advertising the Wellcome Trust exhibition Thirst, is humbling. It shows the importance of staying open, of letting the story find you. Born: Lviv, Ukraine, 1981Trained: Master in Political Science, University of OttawaInfluences: Alec Soth, Hakim Belabbes, Carlos ReygadasHigh point: 'Becoming a National Geographic explorer, having my photo on the cover of Nat Geo magazine, and winning the World Press Photo prize.'Low point: 'At a time when I was experiencing financial hardship, a gallery in Marrakech with which I'd planned an exhibition let me down.'Top tip: 'Believe in yourself, do your research, understand your niche, carve out your own path.' The free exhibition Thirst: In Search of Freshwater is at the Wellcome Collection, London, until 1 February. See more images from Before It's Gone at
Russia Today
9 hours ago
- Business
- Russia Today
Mali refuses to free detained staff of Canadian company
A court in Mali has rejected a request for the conditional release of four employees of Barrick Mining Corporation, who have been detained since 2024 on accusations of money laundering and financing terrorism. The decision was announced on Tuesday by the company's lawyer, Alifa Habib Kone, according to Reuters. The Canadian mining giant has dismissed the allegations as baseless and filed an appeal challenging what it described as the employees' 'arbitrary' detention. However, Kone said Judge Samba Sarr deemed the petition 'unfounded.' Barrick, one of the world's largest gold producers, has operated in Mali for nearly three decades, but relations have deteriorated amid a dispute over alleged unpaid taxes and royalties. Tensions escalated in November when four local executives were detained and a warrant was issued for CEO Mark Bristow. Recent negotiations broke down after the Malian authorities demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan instead. Last month, Mali's military-led government temporarily stripped Barrick of control over operations at the Loulo-Gounkoto gold complex in the country's west. A court in Bamako ordered that management of the site be transferred to a state-appointed provisional administrator for a six-month period. Barrick denounced the ruling as illegal and a breach of its contractual agreements, and has filed a case against Mali with the World Bank's arbitration tribunal. According to Bloomberg, the authorities in the Sahel state seized around a ton of gold from the mine earlier this month, which the provisional administration is expected to sell to fund the site's operations. The Loulo-Gounkoto mines are 80% owned by Barrick and 20% by the Malian government. In 2023, the former French colony introduced a new mining code allowing the state to claim up to a 30% stake in new projects, as part of efforts to boost public revenues. In June, Mali's economy and finance minister, Alousseni Sanou, stated that a new agreement with Russia's Yadran Group to establish a gold refinery – 62% owned by the state – would help increase national income from bullion production.
