Latest news with #WilliamClowes
Yahoo
9 hours ago
- Business
- Yahoo
Mali to Control Loulo-Gounkoto Gold Mine for Six Months
Barrick Mining Corp.'s Loulo-Gounkoto gold mining complex should be placed under provisional administration for six months, handing control of one of the company's biggest operations to state-appointed management, a Malian court ruled. Bloomberg's William Clowes breaks down the situation. 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
Bloomberg
10 hours ago
- Business
- Bloomberg
Mali to Control Loulo-Gounkoto Gold Mine for Six Months
00:00 A Malian court has ruled Barrick Mining's Loulo-Gounkoto gold mining operation should be placed under Provisional Administration for six months and it hands control of one of the Canadian company's biggest mines. Two states appointed management. Joining us now is Bloomberg's William Clowes. So this story has been going on for almost a couple of years now. Well, what happens next? Barrick saying, obviously, that the transfer is unlawful. Yeah. Good morning. The court ruling issued on Monday is, as you say, the latest step in a dispute that has been rolling since 2023 with Mali trying to get more money and a greater share of proceeds out of the gold mines in its country. Now, this new decision to put the mine Loulo-Gounkoto in administration for six months follows other measures taken by Mali, such as blocking the exports of gold barrick's mines, arresting some employees and seizing several tonnes of gold. And these measures saw Barrick actually suspend operations at the mine earlier in the year. What Barrick is doing to fight back, among other things, is pursuing international arbitration in an effort to protect its rights and stop the Malian government doing these kind of things. But for now at least, Mali's government doesn't seem to be especially concerned by the arbitration and rather seems to be ploughing ahead with these efforts to take over management of the mine and resume operations. And where does it leave the company? Where does this all leave? Barrick? They're contesting it, but what is the end result for them? It's it's a really major problem to Barrick, which is the second biggest gold producer in the world, but may soon be down to number three. It's a really large operation that produced more than 720,000 ounces of gold last year, which made it the second biggest source of both volume and income to Barrick's portfolio. So it's hard to understand how significant an asset this is to them. Basically, this leaves one of their key assets stranded at a time of all time high gold prices. And therefore, Barrick is unable to fully capitalize on this record breaking rally by gold. The glimmer of hope for Barrick Is that the owners of the other three largest gold mines in Mali have, unlike Barrick, being able to negotiate these financial settlements with the Malian government that has sort of seen them carry on normal operations in the country. So it is possible. And Barrick has said, despite the extent to which relations have soured between the parties, it would still like to negotiate a mutually acceptable outcome with the Malian government.
Bloomberg
15-03-2025
- Business
- Bloomberg
Botswana Targets Rich Young Americans With Big, Natural Diamonds
By , William Clowes, and Mbongeni Mguni Save Botswana, the world's largest diamond producer, is betting that selling big gems to rich young Americans will ease its economic woe and it is trying to catch their eye via Instagram and TikTok. That gamble saw it dip a toe into the world of luxury advertising last week, wining and dining social media influencers at a Michelin star restaurant in New York's Greenwich Village to pitch affluent 20- and 30-somethings on natural rocks over lab-grown rivals.
Bloomberg
27-01-2025
- Business
- Bloomberg
Tin Miner Alphamin Slumps After Rebels Take Congolese City
By and William Clowes Save Alphamin Resources Corp. shares fell the most in nine years after Rwanda-backed rebels overran the eastern Congolese city of Goma, the capital of North Kivu province where the company's tin mines are located. The stock sank by as much as a third earlier Monday, then pared losses to trade down 9.4% at 97 Canadian cents as of 12:27 p.m. in Toronto.
