Mali starts seizing gold stocks at Barrick’s Loulo-Gounkoto
MALI has begun enforcing a provisional order to seize gold stock at Barrick Gold’s Loulo-Gounkoto site, said Reuters citing a note to staff issued by the Canadian miner.In the note, Barrick warned it may have to suspend production at the complex. On January 6, Barrick announced itt would have “no choice” but to temporarily suspend Loulo-Gounkoto if Mali’s government failed to lift new restrictions placed on the Mali mine “within the coming week”.In December, Mali’s military junta imposed an export blockade on gold shipments from Loulo-Gounkoto, a 510,000 to 560,000 ounce a year operation which is considered one of Barrick’s tier one mines. This followed the issue by the government of a warrant for arrest of Mark Bristow, CEO of Barrick Gold.Barrick said last week that in addition to December’s shipping restriction, an interim attachment order had been issued against existing gold stock on site. “Barrick believes the interim attachment order is unwarranted and is in contravention of the agreed dispute resolution mechanisms,” it said.Reuters said that in enforcing the provisional order, Mali’s military-led authorities are not ready to back down as they push for a greater share of revenues from Western miners.“A provisional order to seize our existing gold stock was issued last week and the Malian government began its enforcement on January 11,” Barrick said in the staff memo.Two Barrick employees in Mali and a consultant working for mining companies confirmed the authenticity of the letter seen by Reuters.Speaking on condition of anonymity, the employees said it was sent to staff on Sunday. Barrick has not said what volume of gold is at risk, but one of the employees said Loulo-Gounkoto’s stock was around four tons, citing internal estimates. This amounts to nearly $380m, based on spot gold prices on Monday.Loulo-Gounkoto accounts for around 14% of Barrick’s 2025 estimated gold output.The post Mali starts seizing gold stocks at Barrick’s Loulo-Gounkoto appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
