MALI’S military-controlled government has issued an arrest warrant for money laundering against Barrick Gold Corp. CEO Mark Bristow, said Bloomberg News.
This development comes amid an escalating dispute over mine revenues in the West African nation, the newswire said on Thursday evening.
The authorities in Mali are also seeking to arrest Abbas Coulibaly, GM of the Canadian mining company’s Loulo-Gounkoto complex, said Bloomberg citing people familiar with the matter.
This is the latest turn in an increasingly acrimonious standoff between Mali’s military junta and miners such as Barrick. Four Barrick employees were on November 26 charged and arrested in Mali pending trial.
Earlier in November, Resolute Mining agreed to pay Mali $160m in cash for the release of its CEO Terry Holohan and two employees who were detained following a meeting over allegations of unpaid tax.
Bloomberg News said Barrick had offered the Government $370m to settle a tax claim arising from a government audit. The cash-strapped military junta has threatened to take back Barrick’s Loulo mine concession when the current permit expires in 2026.
Spokespeople for Mali’s finance ministry and justice ministry couldn’t be reached for comment. Barrick declined to comment, said Bloomberg.
Barrick CEO Mark Bristow said on November 7 that he was prepared to cut a new economic deal with Mali. “We have been there for 20 years so it makes sense for Mali to get more than 50% of the economic benefits of mining,” he said. “We recognise the merit in that but it needs to be done in the proper way.”
He said that in return Barrick was seeking a stabilisation agreement related to mining licence renewals. A licence is due to be renewed at the firm’s 510,000 to 560,000 ounce a year Loulo-Gounkoto mine in Mali in 2026.
