MALI’S military-led government has escalated its dispute with foreign mining companies, issuing an arrest warrant for Mark Bristow, Chief Executive of Barrick Gold Corporation. The charges include money laundering, underscoring growing tensions over mining revenues in the gold-rich nation. Abbas Coulibaly, general manager of Barrick’s Loulo-Gounkoto complex, is also targeted by the warrant, sources revealed.
The Loulo-Gounkoto mine is a cornerstone of Barrick’s operations, contributing 14 percent of its annual gold output and 12 percent of its total revenue in 2022. The conflict adds to the already fraught relationship between Mali’s authorities and foreign mining firms, with Barrick declining to comment on the warrant.
Barrick’s shares tumbled 3.2 percent in New York trading as gold prices dipped. Analysts at the National Bank of Canada noted the warrant adds to investor concerns over Mali’s aggressive negotiations, which may reshape tax and equity terms for the mine.
Tensions over mining revenues
This warrant follows the detention of four Barrick employees in October during a broader row over sharing revenues from Mali’s largest gold mine. Barrick has rejected the charges and expressed its intent to reach a sustainable resolution with Mali’s government.
The West African nation, under military rule since 2020, has grown increasingly reliant on Russian alliances and Wagner-linked mercenaries to combat insurgencies. At the same time, the junta has intensified efforts to extract significant payments from mining companies, demanding over $840 million through settlements and audits.
Barrick, unlike rivals such as Resolute Mining and Allied Gold, has yet to agree to new terms. While the company has offered $370 million to settle disputes, Mali has not disclosed specific demands. Recent threats to revoke Loulo’s permits in 2026 add further pressure.
Industry-wide impact
Barrick is not alone in facing Mali’s assertive approach. Resolute Mining CEO Terry Holohan and two colleagues were detained in October but released after the firm agreed to a $160 million settlement and compliance with Mali’s revised mining code.
This revised law ties royalties to gold prices, which have reached record highs this year, further increasing the financial burden on mining operators.
As the dispute drags on, Mali’s heavy-handed tactics are raising concerns over the investment climate in one of Africa’s largest gold producers. The ongoing standoff could have long-term implications for foreign mining operations in the country.
