BARRICK Gold Corporation is facing mounting challenges in Mali as authorities continue to block gold shipments from its Loulo-Gounkoto mining complex. The situation worsened after an interim attachment order was issued against existing gold stocks on-site, further hampering operations and raising concerns over the mine’s future.
Barrick’s President and CEO, Mark Bristow, warned that if the dispute is not resolved within the coming week, the company may be forced to temporarily halt operations at Loulo-Gounkoto. Such a move, he noted, would be regrettable but unavoidable, given the disruption to business and the local economy.
‘The inability to ship gold not only affects our operations but has broader implications for Mali’s economy, our 8,000 employees, and the many local service providers who rely on the mine,’ Bristow said in a statement on Monday.
Legal dispute threatens Mali’s mining sector
The conflict stems from a disagreement between Barrick and the Malian government over contractual terms and operational rights. Barrick insists that the export ban and the attachment order contravene established dispute resolution mechanisms. The company has already initiated arbitration proceedings through the International Centre for the Settlement of Investment Disputes (ICSID), a globally recognised platform for resolving investment conflicts.
Despite legal action, Barrick maintains its willingness to negotiate directly with Malian authorities. ‘We are actively working towards a memorandum of agreement that would not only resolve current disputes but also redefine our partnership and increase the state’s share of benefits from the Loulo-Gounkoto complex,’ Bristow stated.
Employee detentions add to tensions
Adding to the turmoil, several of Barrick’s Malian employees have been detained on what the company describes as ‘unfounded charges.’ Bristow expressed concern over their well-being and affirmed that Barrick is making every effort to secure their release.
‘The safety and rights of our workforce remain a critical priority for us,’ he emphasised.
Barrick’s longstanding commitment to Mali
Despite the escalating dispute, Barrick reaffirmed its commitment to Mali, where it has operated for nearly three decades. The company has played a significant role in the country’s economic development, contributing to employment, infrastructure, and community projects.
‘Barrick continues to be a steadfast partner to Mali and its people,’ Bristow said. ‘We are committed to dialogue and finding a mutually acceptable resolution that secures the future of Loulo-Gounkoto as a vital economic contributor to the country.’
However, unless a breakthrough is reached soon, Mali risks losing one of its most significant mining operations—an outcome that could have widespread economic repercussions.
