Barrick removes Mali complex from 2025 gold forecast

BARRICK Mining has excluded its Mali gold complex from overall output forecasts for 2025 as a two-year dispute with the West African nation’s military government continues to escalate, according to Reuters citing four sources.Operations at the Loulo-Gounkoto complex, one of the Canadian miner’s largest African assets, have been suspended since January after authorities blocked gold exports, detained staff and seized three tons of stock during contract negotiations.The standoff puts at least $1bn in potential revenues at risk this year due to record gold prices. Mali’s government has asked a domestic court to appoint a provisional administrator for the complex, which would strip Barrick of control over mines representing 14% of its total output.A court hearing on the provisional administration is scheduled for Thursday. Morningstar analysts had predicted Mali would contribute around 250,000 ounces to Barrick’s 2025 production.Negotiations continue alongside the court case. Mali has offered a significant concession by allowing Barrick to repatriate 20% of earnings to international bank accounts – an exception not granted to other foreign miners renegotiating contracts.However, disagreement remains over dispute resolution. Mali wants future conflicts handled in domestic courts, while Barrick seeks international arbitration coverage.In the first nine months of 2024, Mali contributed $949m to Barrick’s revenue. Jefferies estimates losing the complex would cut 11% from expected 2025 earnings.Mali’s military authorities, who seized power in 2020-2021 coups, claim their current agreement with Barrick is unfair.The post Barrick removes Mali complex from 2025 gold forecast appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com