Latest news with #ResoluteMining
Reuters
15-05-2025
- Business
- Reuters
Mali hearing on Barrick's Loulo-Gounkoto mines postponed to May 22
BAMAKO, May 15 (Reuters) - A Malian court hearing scheduled for Thursday on whether to put Barrick Mining's ( opens new tab Loulo-Gounkoto mining complex under provisional administration has been postponed to May 22, the president of the court said on Thursday. 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. Mali's military government, like others in West Africa, says it wants to increase its revenue from the mining sector as it believes current arrangements are unfair and foreign multinationals must comply with its demands if they want to keep operating in the gold-rich country. Barrick says it has invested heavily in the Malian economy over more than 20 years and accuses the government of moving its goal posts and asking for more money, as well as unfairly detaining some of its executives in an attempt to blackmail the company. Most other multinational mining companies in Mali have agreed to the new code. Australia's Resolute Mining ( opens new tab reached an agreement after its chief executive was detained for over a week in Mali. On Thursday, Bamako's Tribunal de Commerce court was due to consider a request by the Malian state, which holds a 20% stake in the Loulo-Gounkoto mining complex, to put the mines under a provisional administration. The aim of the request is to restart operations at the complex, which have been suspended for months, according to a person familiar with the matter. Granting the request would represent a major escalation of the dispute between the West African state and the Canadian miner. Operations at the mines were halted in mid-January 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. Barrick denies any wrongdoing. In its May 7 earnings update, 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 has said it can only resume operations when the Malian government removes restrictions on gold exports. 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 previously come close to reaching an agreement three times.
News.com.au
06-05-2025
- Business
- News.com.au
Closing Bell: Gold shines bright despite minor market dip
ASX Gold Index leads gains, up more than 4pc Energy sector in the green despite 2pc oil price fall Tech index bucks Nasdaq's trend to rise 0.8pc It's been a rollercoaster of a day on the ASX, with the bourse swinging wildly up and down throughout the day before settling marginally down, dipping 0.08%. Despite falls in oil and iron ore prices overnight, a 2.5% uptick in the gold price made waves. Perhaps our market had already priced-in the current oil outlook, because Energy stocks are up today, gaining almost a full percentage point alongside the Materials sector. The indices are certainly telling a story – the ASX All Ords Gold index has climbed more than 4.3%, the Small Ords (which is very resources heavy) more than 1% and the ASX200 Resources index tipped up 0.69%. That's given plenty of fuel for gold stocks to rise. Leaving small caps aside for now, Pantoro Gold (ASX:PNR) gained 11.83%, Resolute Mining (ASX:RSG) 10.4%, Larvotto Resources (ASX:LRV) 10.19%, Ora Banda Mining (ASX:OBM) 6.47%, Black Cat Syndicate (ASX:BC8) 7.14% and Ramelius Resources (ASX:RMS) 6.87%. In fact, the gold miners were so dominant today they didn't leave a lot of room for other stocks to take the spotlight. Notable exceptions are immunotherapy biotech Immutep (ASX:IMM) which gained 9%, automotive stock Autosports Group (ASX:ASG) up 9.76%, gambling giant Tabcorp Holdings (ASX:TAH) which lifted 9.2% alongside the Star Group's (ASX:SGR) 9.52% gain, and technology large cap NextDC (ASX:NXT) up 8.14%. Overall, the market has taken a minor loss, with seven sectors in the green and four in the red. The Healthcare sector weighed heavily on the bourse, down 1.86%. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Description Last % Volume MktCap DTR Dateline Resources 0.035 59% 2.1E+08 $60,842,510 BP8 Bph Global Ltd 0.003 50% 190000 $2,101,969 AZL Arizona Lithium Ltd 0.01 43% 51496080 $31,932,702 AN1 Anagenics Limited 0.008 33% 1449899 $2,977,922 VEN Vintage Energy 0.004 33% 1062981 $5,697,666 AEV Avenira Limited 0.009 29% 7383898 $22,243,508 BGE Bridgesaaslimited 0.019 27% 32000 $2,997,888 WTM Waratah Minerals Ltd 0.295 26% 5747597 $47,717,729 GCM Green Critical Min 0.015 25% 27338485 $23,540,140 NPM Newpeak Metals 0.015 25% 260838 $3,864,861 GES Genesis Resources 0.01 25% 42000 $6,262,730 IPB IPB Petroleum Ltd 0.005 25% 1042715 $2,825,612 RML Resolution Minerals 0.01 25% 2877525 $4,206,295 WCN White Cliff Min Ltd 0.0285 24% 2.79E+08 $43,595,827 PHO Phosco Ltd 0.07 23% 20527 $16,301,552 GRV Greenvale Energy Ltd 0.054 23% 254320 $23,952,427 PRS Prospech Limited 0.027 23% 59377 $7,234,170 EQX Equatorial Res Ltd 0.14 22% 533211 $15,116,216 LKY Locksleyresources 0.028 22% 5761797 $3,373,333 S66 Star Combo 0.14 22% 1500 $15,534,543 REC Rechargemetals 0.017 21% 262117 $3,597,860 SMM Somerset Minerals 0.017 21% 21798832 $5,918,271 YRL Yandal Resources 0.17 21% 410253 $43,292,897 HIQ Hitiq Limited 0.03 20% 1907479 $9,189,061 1AI Algorae Pharma 0.006 20% 727214 $8,436,974 Making news… White Cliff Minerals (ASX:WCN) has hit a very promising copper intercept at its Danvers project in Canada, drilling 175m at 2.5% copper from just 7.6m down. The hole ended in even higher grades, still open at depth. The company says it's one of the best copper hits globally in decades, and is planning more drilling to chase it further. More assays are on the way, with a maiden JORC resource in the works. Waratah Minerals (ASX:WTM) fronted the RIU Resources Conference with a cracking pitch on its gold-copper hunt in NSW's Lachlan Fold Belt, one of Australia's hottest mineral districts. It's sitting on a big district-scale land position at its Spur project, 100% owned, right near majors like Newmont and Gold Fields, with solid hits already in the bag including 11m at 10.8g/t gold and nearly 200m at 0.54% copper equivalent. Waratah reckons it's only just getting started in what's shaping up to be a prime gold-copper postcode. Somerset Minerals (ASX:SMM) has just wrapped up the acquisition of the high-grade Coppermine Project in Nunavut, right next door to White Cliff's monster copper hit at Danvers. It now controls a massive 1,200km² landholding packed with historical copper finds, including grades up to 45.4% copper, and is gearing up to launch its maiden drill campaign in just a couple of weeks. Early targets at Coronation are looking juicy, the company said, with reprocessed geophysics lighting up multiple anomalies, and old drill holes that ended in mineralisation. Green Critical Minerals (ASX:GCM) is enjoying increased offtake attention around its very high density graphite technology, including formal requests for product samples from a leading European and UK based thermal management solutions provider. The company says the uptick in attention is a validation of their product's commercial potential, aligning with market needs in electronics, defence, and high-efficiency manufacturing sectors. ASX SMALL CAP LAGGARDS Today's worse performing small cap stocks: Code Name Price % Change Volume Market Cap DTR Dateline Resources 0.035 59% 2.1E+08 $60,842,510 BP8 Bph Global Ltd 0.003 50% 190000 $2,101,969 AZL Arizona Lithium Ltd 0.01 43% 51496080 $31,932,702 AN1 Anagenics Limited 0.008 33% 1449899 $2,977,922 VEN Vintage Energy 0.004 33% 1062981 $5,697,666 AEV Avenira Limited 0.009 29% 7383898 $22,243,508 BGE Bridgesaaslimited 0.019 27% 32000 $2,997,888 WTM Waratah Minerals Ltd 0.295 26% 5747597 $47,717,729 GCM Green Critical Min 0.015 25% 27338485 $23,540,140 NPM Newpeak Metals 0.015 25% 260838 $3,864,861 GES Genesis Resources 0.01 25% 42000 $6,262,730 IPB IPB Petroleum Ltd 0.005 25% 1042715 $2,825,612 RML Resolution Minerals 0.01 25% 2877525 $4,206,295 WCN White Cliff Min Ltd 0.0285 24% 2.79E+08 $43,595,827 PHO Phosco Ltd 0.07 23% 20527 $16,301,552 GRV Greenvale Energy Ltd 0.054 23% 254320 $23,952,427 PRS Prospech Limited 0.027 23% 59377 $7,234,170 EQX Equatorial Res Ltd 0.14 22% 533211 $15,116,216 LKY Locksleyresources 0.028 22% 5761797 $3,373,333 S66 Star Combo 0.14 22% 1500 $15,534,543 REC Rechargemetals 0.017 21% 262117 $3,597,860 SMM Somerset Minerals 0.017 21% 21798832 $5,918,271 YRL Yandal Resources 0.17 21% 410253 $43,292,897 HIQ Hitiq Limited 0.03 20% 1907479 $9,189,061 1AI Algorae Pharma 0.006 20% 727214 $8,436,974 IN CASE YOU MISSED IT EZZ Life Sciences Holdings (ASX:EZZ) will pay a fully franked share dividend, amounting to $0.020 per share. The ex-dividend date is May 16, 2025 and the payment date June 17, 2025. The genomic life science company says it is investing in the future of consumer health through the development of e-commerce and distribution of high-quality products. TRADING HALTS Adelong Gold (ASX:ADG) – cap raise Echo IQ (ASX:EIQ) – cap raise At Stockhead, we tell it like it is. While EZZ Life Sciences, Ora Banda Mining, Green Critical Minerals and White Cliff Minerals are Stockhead advertisers, they did not sponsor this article.
Canada News.Net
02-05-2025
- Business
- Canada News.Net
Westerners came for gold. Now this nation is sending them packing
For Mali, achieving sustainable sovereignty goes beyond winning compensation disputes with foreign companies its also about strengthening the regulatory framework and local expertise in gold mining Over the past two years, Mali has been steadily tightening its grip on the gold mining sector while justifiably increasing pressure on foreign investors, including the leading Canadian mining company Barrick Gold. In mid-April, the company's office in Bamako was closed due to a tax dispute. The results of this policy are already evident: in 2024, Mali received 40% more payments from gold mining companies, totaling $1.4 billion. In the long run, such policies could significantly strengthen macroeconomic stability and serve as a model for other countries in the Sahel region and across Africa. Golden identity Gold is an integral part of Mali's historical and economic identity. The country is often associated with the image of Mansa Musa, the 14th-century ruler of the Mali Empire, known as one of the wealthiest individuals in history. His legendary pilgrimage to Mecca was marked by the lavish distribution of gold which, according to legend, even affected the region's economy. Estimates of how much gold Musa took on his pilgrimage vary widely, ranging from more realistic figures of around half a ton to fantastical claims of up to 20 tons. Today, gold remains crucial to Mali's economy, accounting for 7% of GDP and serving as a vital source of foreign currency and export revenues - making up three-quarters of the country's total exports by value. During the colonial era, gold mining in Mali was primarily carried out using artisanal methods. Industrial mining began to develop only after the country gained independence, as the Malian government recognized gold as a means to diversify an economy largely dependent on agriculture and cotton exports. The Soviet Union was a significant contributor to the development of Mali's gold mining sector. In 1984, the USSR helped launch the Kalana mine which produced half a ton of gold annually. Beyond technical support, the USSR helped establish a national geological school in Mali and promoted the development of the processing industry. How much gold is there? Today, Mali's gold reserves are estimated at nearly 900 metric tons, and are primarily concentrated in the southern and western regions of the country. Alongside South Africa, Ghana, Tanzania, and Sudan, Mali stands as one of Africa's leading gold producers, with an annual output of 50-60 metric tons. Major players in the field include Barrick Gold (operating the Loulo-Gounkoto mine) and Resolute Mining (Syama mine). While most of the production is conducted through industrial methods, an artisanal gold mining sector also exists, particularly in northern and southwestern Mali. It is often linked to illegal activities - such as smuggling and financing terrorist groups - that continue to pose a threat to regional stability. Mali became a key player in the global gold market during the 1990s, as foreign investors entered the sector amid market reforms. Within a decade, these investors increased production thirty-fold, reaching 30 tons by the year 2000, and later boosted it to 50 tons. Liberal reforms: cui bono? The period of increased gold production coincided with legislative reforms carried out in 1991- 1999 with the help of the World Bank. These reforms were characterized by a liberal approach, offering foreign investors tax deductions and exemptions for certain categories. For example, a law enacted in 1991 exempted investors from all taxes for the first five years of production. This led operators, driven by the quest for windfall profits, to extract as much gold as possible at the expense of Mali's ecology and long-term interests before tax obligations kicked in. The subsequent reforms were also inconsistent. As a result, Mali's government missed out on significant tax revenue due to numerous exemptions and foreign operators underreporting their production, exports, and profits. Consequently, the industry remained export-oriented and did not meaningfully contribute to Mali's socio-economic development. Like many developing nations where mining is largely "delegated" to foreign investors, Mali's government passively collects income from the gold sector through a mix of fiscal tools: royalties (a fixed fee per tonne extracted), corporate income tax, special levies (for licensing or license renewals), dividends from state holdings in mining ventures, and export tariffs and licenses. Thus, the government's revenues heavily depend on foreign companies and, crucially, on the regulatory environment - whether regulators can compel these companies to pay what they owe and whether they have the means and will to verify the data submitted by mining operators. What the tax disputes are about In Mali, as in many African countries, it's common for foreign companies to underpay taxes, leading to frequent disputes. Every five to ten years, the government conducts an "audit" of the sector and assesses back taxes owed by foreign companies. Often, the government lacks real tools to determine how much has gone unpaid, making precise amounts subject to negotiation between regulators and investors. Typically, a company agrees to pay a certain sum in exchange for the right to continue operating in the country. This serves as an informal version of a windfall tax. For example, in the mid-2010s, ExxonMobil faced a $74 billion fine for unpaid taxes in Chad, while in 2019, Canadian firm Barrick paid $300 million to Tanzania to resolve a tax dispute. A similar situation has unfolded in Mali. Following the 2020 coup, the new authorities shifted toward gradually sovereignizing the economy and reducing reliance on external borrowing. In this context, gold presents the primary and most straightforward opportunity to boost the budget. In 2023, Mali introduced a new mining code aimed at increasing sector revenues. This legislation raised royalties from 6% to 10.5% and increased the state's and local private investors' shares in projects from 20% to 35%, along with the removal of several tax incentives. In 2022, revenues from the sector reached 763.7 billion CFA francs ($1.3 billion), but by 2023, they had fallen by 26%. Despite a 23% decline in industrial production in 2024, government revenues soared to a record $1.4 billion, according to Reuters. This increase was driven by higher taxes and payments from foreign companies. The new mining code marked a significant shift in the Malian government's approach to the sector and set the stage for a conflict with Canadian company Barrick Gold - the world's second-largest mining company and the main investor in the mining sector. Following an audit of the period from 2020 to 2022, Malian authorities accused Barrick of underpaying taxes and dividends, demanding over 300 billion CFA francs (approximately $512 million). Barrick contested the legitimacy of these claims and sought international arbitration. In October 2024, Barrick paid $85 million as a "gesture of goodwill" and by February 2025, it agreed to pay an additional $438 million to resolve the dispute. However, the payment has yet to be completed, and negotiations continue, likely revolving around the tax regime that will apply to Barrick's assets. The closing of the company's office on April 15 and the government's threat of putting Barrick's Loulo-Gounkoto mine under temporary administration signal an escalation in the ongoing negotiations. Similar tax demands were made against Australian-British company Resolute Mining, which agreed to pay $160 million at the end of last year. For Mali's long-term sustainability, one-time compensation payments are not enough. The new legislation and the government's firm stance toward foreign investors must be accompanied by strengthened regulatory and fiscal frameworks, along with the development of local expertise in industrial gold mining and exploration - such as enhancing the capabilities of the state mining company. Gold can serve not only as a buffer against potential macroeconomic risks but also as a foundation for national currencies, helping prevent excessive inflation and exchange rate volatility. (
Russia Today
01-05-2025
- Business
- Russia Today
Westerners came for gold. Now this nation is sending them packing
Over the past two years, Mali has been steadily tightening its grip on the gold mining sector while justifiably increasing pressure on foreign investors, including the leading Canadian mining company Barrick Gold. In mid-April, the company's office in Bamako was closed due to a tax dispute. The results of this policy are already evident: in 2024, Mali received 40% more payments from gold mining companies, totaling $1.4 billion. In the long run, such policies could significantly strengthen macroeconomic stability and serve as a model for other countries in the Sahel region and across Africa. Gold is an integral part of Mali's historical and economic identity. The country is often associated with the image of Mansa Musa, the 14th-century ruler of the Mali Empire, known as one of the wealthiest individuals in history. His legendary pilgrimage to Mecca was marked by the lavish distribution of gold which, according to legend, even affected the region's economy. Estimates of how much gold Musa took on his pilgrimage vary widely, ranging from more realistic figures of around half a ton to fantastical claims of up to 20 tons. Today, gold remains crucial to Mali's economy, accounting for 7% of GDP and serving as a vital source of foreign currency and export revenues – making up three-quarters of the country's total exports by value. During the colonial era, gold mining in Mali was primarily carried out using artisanal methods. Industrial mining began to develop only after the country gained independence, as the Malian government recognized gold as a means to diversify an economy largely dependent on agriculture and cotton exports. The Soviet Union was a significant contributor to the development of Mali's gold mining sector. In 1984, the USSR helped launch the Kalana mine which produced half a ton of gold annually. Beyond technical support, the USSR helped establish a national geological school in Mali and promoted the development of the processing industry. Today, Mali's gold reserves are estimated at nearly 900 metric tons, and are primarily concentrated in the southern and western regions of the country. Alongside South Africa, Ghana, Tanzania, and Sudan, Mali stands as one of Africa's leading gold producers, with an annual output of 50-60 metric tons. Major players in the field include Barrick Gold (operating the Loulo-Gounkoto mine) and Resolute Mining (Syama mine). While most of the production is conducted through industrial methods, an artisanal gold mining sector also exists, particularly in northern and southwestern Mali. It is often linked to illegal activities – such as smuggling and financing terrorist groups – that continue to pose a threat to regional stability. Mali became a key player in the global gold market during the 1990s, as foreign investors entered the sector amid market reforms. Within a decade, these investors increased production thirty-fold, reaching 30 tons by the year 2000, and later boosted it to 50 tons. The period of increased gold production coincided with legislative reforms carried out in 1991- 1999 with the help of the World Bank. These reforms were characterized by a liberal approach, offering foreign investors tax deductions and exemptions for certain categories. For example, a law enacted in 1991 exempted investors from all taxes for the first five years of production. This led operators, driven by the quest for windfall profits, to extract as much gold as possible at the expense of Mali's ecology and long-term interests before tax obligations kicked in. The subsequent reforms were also inconsistent. As a result, Mali's government missed out on significant tax revenue due to numerous exemptions and foreign operators underreporting their production, exports, and profits. Consequently, the industry remained export-oriented and did not meaningfully contribute to Mali's socio-economic development. Like many developing nations where mining is largely 'delegated' to foreign investors, Mali's government passively collects income from the gold sector through a mix of fiscal tools: royalties (a fixed fee per tonne extracted), corporate income tax, special levies (for licensing or license renewals), dividends from state holdings in mining ventures, and export tariffs and licenses. Thus, the government's revenues heavily depend on foreign companies and, crucially, on the regulatory environment – whether regulators can compel these companies to pay what they owe and whether they have the means and will to verify the data submitted by mining operators. In Mali, as in many African countries, it's common for foreign companies to underpay taxes, leading to frequent disputes. Every five to ten years, the government conducts an 'audit' of the sector and assesses back taxes owed by foreign companies. Often, the government lacks real tools to determine how much has gone unpaid, making precise amounts subject to negotiation between regulators and investors. Typically, a company agrees to pay a certain sum in exchange for the right to continue operating in the country. This serves as an informal version of a windfall tax. For example, in the mid-2010s, ExxonMobil faced a $74 billion fine for unpaid taxes in Chad, while in 2019, Canadian firm Barrick paid $300 million to Tanzania to resolve a tax dispute. A similar situation has unfolded in Mali. Following the 2020 coup, the new authorities shifted toward gradually sovereignizing the economy and reducing reliance on external borrowing. In this context, gold presents the primary and most straightforward opportunity to boost the budget. In 2023, Mali introduced a new mining code aimed at increasing sector revenues. This legislation raised royalties from 6% to 10.5% and increased the state's and local private investors' shares in projects from 20% to 35%, along with the removal of several tax incentives. In 2022, revenues from the sector reached 763.7 billion CFA francs ($1.3 billion), but by 2023, they had fallen by 26%. Despite a 23% decline in industrial production in 2024, government revenues soared to a record $1.4 billion, according to Reuters. This increase was driven by higher taxes and payments from foreign companies. The new mining code marked a significant shift in the Malian government's approach to the sector and set the stage for a conflict with Canadian company Barrick Gold – the world's second-largest mining company and the main investor in the mining sector. Following an audit of the period from 2020 to 2022, Malian authorities accused Barrick of underpaying taxes and dividends, demanding over 300 billion CFA francs (approximately $512 million). Barrick contested the legitimacy of these claims and sought international arbitration. In October 2024, Barrick paid $85 million as a 'gesture of goodwill' and by February 2025, it agreed to pay an additional $438 million to resolve the dispute. However, the payment has yet to be completed, and negotiations continue, likely revolving around the tax regime that will apply to Barrick's assets. The closing of the company's office on April 15 and the government's threat of putting Barrick's Loulo-Gounkoto mine under temporary administration signal an escalation in the ongoing negotiations. Similar tax demands were made against Australian-British company Resolute Mining, which agreed to pay $160 million at the end of last year. For Mali's long-term sustainability, one-time compensation payments are not enough. The new legislation and the government's firm stance toward foreign investors must be accompanied by strengthened regulatory and fiscal frameworks, along with the development of local expertise in industrial gold mining and exploration – such as enhancing the capabilities of the state mining company. Gold can serve not only as a buffer against potential macroeconomic risks but also as a foundation for national currencies, helping prevent excessive inflation and exchange rate volatility.
News.com.au
01-05-2025
- Business
- News.com.au
Break it Down: Resolute secures new gold in Africa
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. Resolute Mining (ASX:RSG)has picked up the Doropo and ABC gold projects in the prolific mining jurisdiction of Côte d'Ivoire. The company has scored these two projects from Anglo Gold Ashanti for US$150 million, one of which has a completed DFS and is near-production ready. Watch the video to learn more about the transaction. Originally published as Break it Down: Resolute secures new gold in Africa
