Latest news with #PortiaCrowe
Yahoo
26-05-2025
- Business
- Yahoo
Judge to hear Mali's request to reopen Barrick mine under new management, official says
By Portia Crowe and Divya Rajagopal DAKAR/TORONTO (Reuters) -A court in Mali will hold a hearing on Thursday to consider a request made by Mali's military government to reopen Canadian miner Barrick's Loulo-Gounkoto gold mine under a provisional administration, a court official said. Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership. Souleymane Maïga, vice president of the Tribunal de Commerce of Bamako, told Reuters there will be a filing process and preparation of the case on Thursday. Three sources told Reuters earlier on Wednesday a judge was expected to rule on Mali government's request to put Barrick's mines under new provincial management. In its earnings update on May 7, Barrick said it had on April 17 received a notice from the government threatening to impose provisional management unless the mines resumed operations by April 20. Barrick Mining, previously called Barrick Gold, and Mali's government have been at odds since 2023 over the implementation of a new mining code that raises taxes and gives Mali's government a greater share in the gold mines. Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports. Operations at the mines were halted after the government seized around 3 metric tons of gold worth some $317 million at last week's price, accusing the company of not fulfilling its tax obligations. The government had been blocking Barrick's gold exports since early November. As a shareholder with a 20% stake in the facility, Mali's government requested reopening of the mining complex under provisional administration at the Tribunal de Commerce de Bamako Court, two of the people said. If the judge agrees, a new management body would be appointed to reopen and run the mines, the sources said. Spokespersons for Barrick and Mali's Mines Ministry did not immediately respond to requests for comment. The latest development comes as the two sides negotiate a memorandum of understanding to resolve the dispute. Barrick CEO Mark Bristow told Reuters this month that the two sides had come close to reaching an agreement three times. Reuters reported in February that Barrick had signed an agreement to end the dispute, under which it would pay a total of 275 billion CFA ($438 million) to the government in return for the release of four detained managers and its seized gold. The agreement went to the Malian government for approval. The government's justification for not approving the agreement was that Barrick had signed the "wrong" document, according to one of the people, who is familiar with the government's position. Another source said the government has also asked for additional payment. The person familiar with the government's position said any additional money demanded by the government would be in line with taxes the company has not paid since suspending operations. Barrick in December 2024 launched an international arbitration case against Mali regarding the dispute. A lawyer familiar with the dispute said provisional administration could be an attempt by Mali to expropriate Barrick's assets. Sign in to access your portfolio
Yahoo
07-05-2025
- Politics
- Yahoo
Mali suspends political activities to preserve public order, statement says
BAMAKO (Reuters) -Mali has suspended political activities across the West African nation to preserve public order, according to a statement read on state TV on Wednesday. Mali's political parties were expected to protest on Friday against the military junta in power. They are demanding a return to constitutional order and a presidential election. However, the junta said in its statement that activities of political parties and other political organizations had been suspended until further notice. (Reporting by Portia Crowe and Fadimata Kontao; Writing by Anait Miridzhanian; editing by Bate Felix and Mark Heinrich)
Yahoo
07-05-2025
- Business
- Yahoo
Mining convoy attacked in Mali on road to Allied Gold's Sadiola mine, sources say
By Portia Crowe (Reuters) -A convoy transporting heavy mining equipment from the Malian capital Bamako to Allied Gold's Sadiola mine came under attack in the Kayes region over the weekend, two people familiar with the incident told Reuters late on Tuesday. The attack points to expanding security risks - and related additional costs - facing mining companies operating in military-led Sahel states that are struggling to contain Islamist militant groups. While government and military convoys more frequently come under attack in Mali, attacks on mining equipment have until now been rare. The CEO of Canadian gold miner Fortuna this month told Reuters that increased security concerns due to jihadist threats were among the reasons the company recently decided to exit Mali's neighbour Burkina Faso. In Sunday's attack, two large trucks were set alight, an excavator was damaged and two pick-up trucks were stolen, one of the sources familiar with the incident said. No group has yet claimed responsibility for the attack. The equipment belongs to the local Caterpillar dealer Neemba and had been leased to the subcontractor Mota-Engil, which operates at Sadiola's quarry, the sources said. Eight people present - all employees of Neemba - were unharmed in the attack, which the sources said was disrupted by soldiers from the Malian army who had been nearby. The incident took place between the towns of Diema and Sandare, the sources said. A separate security source confirmed an attack had taken place in that location on Sunday, but was unable to provide further details. Spokespeople for Allied Gold, Neemba and Mota-Engil and a spokesperson for Mali's army did not immediately respond to requests for comment. Mali is one of Africa's largest gold producers, with mining companies including Barrick Gold, B2GOLD, Resolute Mining, Endeavour Mining and Hummingbird Resources active in the gold-rich western and southern regions. In February 2024, three employees of the Canadian miner B2Gold were killed in an attack on a convoy transporting them from the Fekola gold mine in southwest Mali to Bamako, the company said at the time. But two sources with knowledge of that incident told Reuters the buses had been mistaken for a military convoy. Mali, Burkina Faso and Niger have experienced coups in recent years carried out by military officers who vowed to push back jihadist groups affiliated with Al Qaeda and the Islamic State, though rampant insecurity persists in all three countries. (Reporting by Portia Crowe in Dakar; Editing by Robbie Corey-Boulet and Jan Harvey)
The Star
26-04-2025
- Politics
- The Star
Twelve Niger soldiers killed in attack, two suspects detained, says army
(Reuters) - Twelve Nigerien soldiers have been killed in an attack in the west of the Sahel country and two suspects have been arrested, the army said in a statement seen by Reuters on Saturday. The attack took place on Friday near the tri-border region of Niger, Burkina Faso and Mali, epicentre of a jihadist insurgency in West Africa linked to al Qaeda and Islamic State. Armed men on Friday launched a "surprise offensive" on a military unit out on a mission about 10 km (six miles) north of the village of Sakoira, the statement said, referring to the assailants as terrorists. It did not elaborate on the likely identity of the assailants but last month Niger blamed the EIGS group, an Islamic State affiliate, for an attack on a mosque near the tri-border area in which at least 44 civilians were killed. The Sahel insurgency spun out of a Tuareg rebellion in northern Mali in 2012 and later spread into neighbouring Burkina Faso and Niger before reaching the north of coastal West African countries such as Benin. Hundreds of thousands have been killed and millions displaced as militants have gained ground, attacking villages, military and police posts and army convoys. The failure of governments to restore security contributed to two coups in Mali, two in Burkina Faso and one in Niger between 2020 and 2023. All three remain under military rule despite regional and international pressure to hold elections. Military authorities cut ties with traditional Western allies such as France and the U.S. after the coups and turned to Russia to help in fighting jihadist activity. (Reporting by Boureima Balima; Writing by Portia Crowe; Editing by Gareth Jones)
Mint
25-04-2025
- Business
- Mint
Barrick Gold contractors in Mali lay off staff amid government dispute -documents, sources
Subcontractors face liquidation, work stoppages due to dispute Highlights uncertainty over Barrick's Loulo-Gounkoto operations Hundreds of jobs at stake Some Barrick employees being relocated to DRC By Portia Crowe and Divya Rajagopal DAKAR, April 25 (Reuters) - At least four subcontractors employing several hundred people at Barrick Gold's complex in Mali are laying off staff following a two-year dispute between the Canadian miner and the state, according to documents seen by Reuters and people familiar with the matter. Some of the subcontractors said they have not received any payments from Barrick for months. The layoffs indicate that the dispute between the world's No. 2 gold producer and the West African nation is not expected to end anytime soon. Operations at Barrick's Loulo-Gounkoto complex, a major source of gold production for the Toronto-based company and the largest mining operation in Mali, have been suspended since January after the government seized around 3 metric tons of gold stock from it, accusing the company of not fulfilling its tax obligations. Mali's government, which took power after coups in 2020 and 2021 and introduced a new mining code in 2023, had been blocking the company's gold exports since early November. Boart Longyear's local subsidiary, BLY Mali, said in a letter dated Friday that it was liquidating the company following the suspension of its contract with Barrick on January 25, which it said "placed BLY in an irremediably compromised situation." It employed 98 people at the complex as of March, according to a document seen by Reuters. ETASI, a heavy equipment rental company, said in a letter dated Wednesday and seen by Reuters on Friday that it would suspend all personnel. It employed 68 people as of last month, according to the same internal document. A work-placement firm representing ATC, a metal construction company, sent letters to employees notifying them that they were being laid off following the expiry of a three-month temporary work stoppage that began earlier this year, according to a source who shared one of the letters, dated Tuesday and seen by Reuters on Friday. ATC employed 45 people at the mining complex as of January but only four as of March, according to the internal document. Some of the employee figures could be higher. MAXAM, a civil explosives subcontractor for the Loulo-Gounkoto complex, will announce a temporary work stoppage for most of its employees in Mali as soon as Saturday, according to a person familiar with the matter and a letter seen by Reuters. But while the internal document lists the subcontractor as having 69 employees at the site as of March, the source said the real figure is nearly double that - over 120 - because its employees work in rotations. Geneva-based subcontractor SGS, meanwhile, was granted a three-month temporary work suspension beginning February 1 and due to expire next week, according to a government document seen by Reuters on Friday. It is unclear what steps will be taken after its expiry. Spokespeople for BLY, ETASI, ATC, SGS and MAXAM did not immediately respond to requests for comment, nor did spokespeople for Barrick Gold and Mali's mines ministry. ESCALATION Last week, Malian authorities shut Barrick's office in the capital Bamako over the alleged non-payment of taxes, an escalation of the dispute. Barrick employees have continued to receive their salaries despite the office closure and suspension of operations at the mining complex, according to a person familiar with the matter. Nearly 40 Malian Barrick staff from the Loulo-Gounkoto complex are being at least temporarily transferred to Barrick's Kibali mine in Democratic Republic of Congo, according to the same person, who said the transfers are part of a first wave but that 100 Malian staff in total have been identified for relocation. Barrick in February signed an agreement to end the dispute, but the Malian government has yet to approve or execute it. (Reporting by Portia Crowe; Additional reporting by Divya Rajagopal in Toronto; Editing by Veronica Brown and Marguerita Choy) First Published: 26 Apr 2025, 02:21 AM IST
