Mali government helicopters unexpectedly landed on Barrick Mining’s gold mine and seized more than one metric ton of precious metal, according to the company.
The action marks another escalation in a prolonged dispute between the government of the West African country and the Toronto-based Barrick, which closed its gigantic Lallo-Grankoto gold mining complex earlier this year, after Mali authorities blocked the gold exports in bars and detained senior staff.
The helicopters landed “without notice” and took more than one gold metric ton – the equivalent of about 2,204 pounds – “potentially for sale by the provisional administration – although this is still undefined and the situation is evolving,” Barrick told Barrick.
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A ton of gold was worth about $ 117.2 million on Thursday, with gold being traded around $ 3,324 the jaguar.
The gold seized on Thursday (10) adds to the three tons of gold metrics that the Mali government took in January. Barrick, the world’s largest gold producer, says the government has not yet communicated the fate of the metal.
Mali announced last month that a temporary administrator would resume production in the Lallo-Grankoto complex, which was placed under provisional administration in early June.
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The problems began in 2023, when the Mali military regime, with financial difficulties, required foreign investors to pay the alleged overdue taxes and adhere to a new mining law that grants the highest royalties and higher joint ventures. Owners of other gold mines in the country, including Allied Gold Corp. and B2GOLD Corp. they reached agreements.
Barrick is still committed to negotiating a resolution for the dispute and staying at Mali, Barrick CEO Mark Bristow said on Thursday, in a letter published on the company’s website. The company said it is continuing international arbitration procedures against the country, with a first hearing scheduled for the end of July.
“We are not simply expecting a favorable result – we are seeking a resolution for the appropriate legal channels, with which the Mali government has agreed to our mining conventions,” Bristow said.
