Barrick considers Mali care and maintenance: Bristow
Barrick to Resume Mali Operations Once Gold Shipments Restart – BristowBarrick Gold (NYSE:GOLD) (TSX:ABX) will resume operations at its Loulo-Gounkoto mine once Malian authorities allow it to restart gold shipments, CEO Mark Bristow told Reuters on Wednesday.According to Bristow, the Canadian miner has received assurances that gold worth approximately $245 million, which was seized by authorities, remains the company’s property.Mali is seeking a settlement payment of 125 billion CFA francs ($197 million) from the Canadian mining giant, according to Bloomberg News, which cited local sources. The government is also demanding Barrick’s compliance with the country’s new mining code that increased the state’s share of mining revenues and eliminated tax exemptions. The Loulo-Gounkoto gold complex, developed during Bristow’s tenure as CEO of Randgold before its acquisition by Barrick in 2018, is a cornerstone of Mali’s economy.The Toronto-based miner halted operations at its Loulo-Gounkoto complex in Mali in January, following the seizure of gold stocks, which were subsequently transported via helicopter to the state-owned Banque Malienne de Solidarité (BMS) in Bamako. Since December, the Malian government, which holds a 20% stake in Loulo-Gounkoto, has restricted gold exports from the site.Miner beats profit estimatesBarrick reported a strong performance in Q4, with gold production rising 15% and copper production increasing 33% over Q3, allowing the company to meet its annual production guidance.The miner stated that its North America and Africa & Middle East operations met their production targets for the year. However, in the Latin America and Asia Pacific region, a slower-than-expected ramp-up at Pueblo Viejo resulted in production falling below guidance.For 2025, attributable gold production is expected to range between 3.15 million and 3.5 million ounces, excluding output from Loulo-Gounkoto while operations remain suspended. Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to between 200,000 and 230,000 tonnes, driven by higher output at Lumwana.On an adjusted basis, the world’s second-largest gold miner reported a profit of 46 cents per share for the quarter ending December 31, surpassing the 41-cent per share estimate compiled by LSEG.The company also announced plans for a new $1 billion share repurchase program over the next 12 months. Under its 2024 buyback program, Barrick repurchased $498 million worth of common shares.Weiter zum vollständigen Artikel bei Mining.com
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