Mali court places Barrick gold complex under administration

BARRICK Mining had its Loulo-Gounkoto gold complex in Mali placed under state control by a court on Monday in a major escalation of a dispute over taxes and ownership, Reuters reported.Former Malian health minister Soumana Makadji will take over as provisional administrator for six months, the presiding judge announced. Barrick said it would appeal the decision.The court action follows moves by the Malian government to block gold exports and seize gold stocks held by Barrick’s subsidiaries. The mining company said it believes those actions were unjustified.“Justice was neither heard, nor served,” Issaka Keita, one of Barrick’s lawyers, told Reuters.The Loulo-Gounkoto complex, which accounted for 14% of the company’s output, has been suspended since January amid a standoff over taxes and ownership.Mali’s government, a shareholder in the mining complex, asked the Bamako Commercial Court in May to appoint an administrator, signalling its desire to reopen the complex amid record-high gold prices.If reopened, the mine could bring in revenue worth at least $1bn over the next year, according to Reuters estimates.The two sides have been in negotiations since 2023 over implementing a new mining code that raises taxes and gives the government a greater share in gold mines.Barrick suspended operations in mid-January after authorities seized three tons of its gold stock. The government had blocked exports in November 2024.The post Mali court places Barrick gold complex under administration appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com