
BARRICK Gold will open a new round of negotiations with Mali’s military junta on Tuesday in an effort to resolve a dispute over the alleged non-payment of taxes by the Canadian miner, said Reuters.
Citing two sources familiar with the matter, the newswire said the key issues were Mali’s latest demand on alleged unpaid taxes – said to be around $199m – Barrick agreeing to Mali’s new mining code, and the release of gold stocks worth $250m seized by the government at Barrick’s Loulo-Gounkoto mine.
Barrick declined to comment and the Mali government did not respond to requests for comment by Reuters.
Mali had previously demanded about $500m in unpaid taxes from Barrick, sources told Reuters. Mali has also issued an arrest warrant against Mark Bristow, CEO of Barrick Gold. Barrick denies any wrongdoing.
Governments in Mali, Burkina Faso and Niger — all led by juntas — are all seeking to renegotiate new terms with gold miners to gain a bigger share of mining revenue at a time when gold prices have hit record highs.
The dispute between Mali and Barrick is over the country’s new mining code that came into effect in 2023. The mining code gives the state a bigger share of mining revenues and removes tax exemptions for mining companies.
Jefferies analysts have estimated that suspending production at the mine could cut Barrick’s earnings before interest, taxes and amortization by 11% in 2025