Latest news with #ZoumanaMakadji
CTV News
11 hours ago
- Business
- CTV News
Barrick stripped of gold mine operation for six months by Mali court
The logo for Barrick Gold Corp. is pictured in this 2022 image. (Handout) A Mali court ruled Monday that western gold mines held by Canadian giant Barrick would be managed for six months by an appointee, effectively stripping operation of one of the world's largest gold complexes from the firm. The decision allows Mali's military government to appoint a new administrator in charge of the Loulo-Gounkoto complex and comes amid rising tensions between the junta and the Toronto-based company over taxes and mining. The court named the administrator as Zoumana Makadji. The ruling marked the first time Mali has placed a mining company under such a status. Makadji will be tasked with 'ensuring the mine is opened as quickly as possible', a magistrate from Bamako's commercial court told AFP, adding that after six months a judge will assess the progress of negotiations or an agreement with Barrick. The military junta running Mali has tightened regulations on the mining sector, which is key to the economy. It introduced a new industry code in recent years that grants the government a bigger share of profits from mining activities in the name of national sovereignty. Mali 'accused Barrick of not properly paying taxes, royalties and dividends owed to the state, of having a contract that does not reflect Mali's legitimate interests, and of keeping the state out of the effective management of the mine and its revenues,' a source representing the government's interests told AFP. For these reasons, Mali 'has decided to place the site under temporary administration through legal channels', the source said. Barrick has an 80-percent stake in the Loulo-Gounkoto complex, while the Malian state holds the rest. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement immediately following the decision. It said that an arbitration process was 'fully under way' via the International Centre for Settlement of Investment Disputes (ICSID), a World Bank arbitration panel. 'The arbitration tribunal has been constituted, and Barrick has submitted a request for provisional measures to prevent further escalation and to safeguard its rights under binding mining conventions with the state of Mali,' the company said. Intense escalation Tensions have escalated in recent months between the government and company, and in November four Malian employees of the firm were detained. Malian authorities issued national arrest warrants in December for the company's South African CEO and the complex's Malian general manager on allegations of 'money laundering'. In mid-January, activities at the mine were suspended after Malian authorities carried out an order to seize gold stocks at Loulo-Gounkoto, taking some three tonnes of gold. Last month, authorities ordered the closure of Barrick's offices in the capital Bamako for alleged non-payment of hundreds of millions of dollars of taxes. The Malian government filed its request with Bamako's commercial court to place the Loulo-Gounkoto site under provisional administration on May 8. Barrick says the escalation came despite it having paid Mali some $85 million in October 'as part of the ongoing negotiations' aimed at resolving 'all outstanding disputes'. One of the poorest countries in the world, Mali is ruled by a military junta which came to power in back-to-back coups in 2020 and 2021. Loulo-Gounkoto, which is situated in western Mali near the border with Senegal, was opened two decades ago and the first gold from underground operations was produced in 2011. It consists of both open pit and underground mining. According to the trade publication Mining Technology, the mine contributed around $1 billion to the Malian economy in 2023.
Yahoo
12 hours ago
- Business
- Yahoo
Canadian gold miner placed under temporary provisional administration in Mali
BAMAKO, Mali (AP) — A judge in Mali on Monday ordered Barrick Gold to be placed under provisional administration for six months in an ongoing dispute between the Canadian mining company and the West African nation's military government over unpaid taxes. Judge Issa Aguibou Diallo in a statement to Barrick's lawyers also announced the appointment within 15 days of Zoumana Makadji, an accountant and a former minister of health of Mali, as the company's provisional administrator. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick submitted a request for arbitration to the International Center for Settlement of Investment Disputes to address disagreements with Mali concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick, which has been present in Mali for three decades, emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' The company's statement on Monday added: "The ongoing detention of (our) employees — who remain unjustly imprisoned and used as leverage in this process — is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. 'To date, no credible rationale has been presented to justify this detention and the Government's position, and the Government's ever-increasing demands have lacked both factual and legal foundation.' Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months. Baba Ahmed And Wilson Mcmakin, The Associated Press Sign in to access your portfolio
Yahoo
13 hours ago
- Business
- Yahoo
A Mali judge orders a Canadian gold mining company placed under provisional administration
BAMAKO, Mali (AP) — A judge in Mali on Monday ordered the Canadian mining company Barrick Gold to be placed under provisional administration in an ongoing dispute with the military government over unpaid taxes. Judge Issa Aguibou Diallo in a statement to Barrick's lawyers also announced the appointment within 15 days of Zoumana Makadji, an accountant and a former minister of health of Mali, as the company's provisional administrator. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for the CEO of Barrick and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick Gold submitted a request for arbitration to the International Center for Settlement of Investment Disputes (ICSID) to address disagreements concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' Barrick Gold has been present in Mali for three decades. Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months. 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
Winnipeg Free Press
13 hours ago
- Business
- Winnipeg Free Press
A Mali judge orders a Canadian gold mining company placed under provisional administration
BAMAKO, Mali (AP) — A judge in Mali on Monday ordered the Canadian mining company Barrick Gold to be placed under provisional administration in an ongoing dispute with the military government over unpaid taxes. Judge Issa Aguibou Diallo in a statement to Barrick's lawyers also announced the appointment within 15 days of Zoumana Makadji, an accountant and a former minister of health of Mali, as the company's provisional administrator. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for the CEO of Barrick and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick Gold submitted a request for arbitration to the International Center for Settlement of Investment Disputes (ICSID) to address disagreements concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' Barrick Gold has been present in Mali for three decades. Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months.
Washington Post
13 hours ago
- Business
- Washington Post
A Mali judge orders a Canadian gold mining company placed under provisional administration
BAMAKO, Mali — A judge in Mali on Monday ordered the Canadian mining company Barrick Gold to be placed under provisional administration in an ongoing dispute with the military government over unpaid taxes. Judge Issa Aguibou Diallo in a statement to Barrick's lawyers also announced the appointment within 15 days of Zoumana Makadji, an accountant and a former minister of health of Mali, as the company's provisional administrator.
