MARK Bristow describes the impasse with Mali’s government over its allegations of unpaid taxes as the most stressful situation he’s had to manage.
That’s saying something. Bristow’s African mining career spans more than 31 years, starting with Randgold & Exploration in 1994 and culminating in the 2019 merger of Randgold Resources with Barrick Mining Corp, the Canadian firm he intends to run until 2028, when he plans to retire.
At the time of writing, Mali’s military junta, in power since a 2021 coup-within-a-coup, had put the ~700,000 (on an 100% basis) ounce a year Loulo-Gounkoto into administration, effectively taking over its management. This is a cause of major discomfort for Barrick. “There’s no way that we can allow strangers to get access to our SAP platforms and we have since terminated access,” says Bristow.
That’s just one hazard of government’s on-site control of the operation. Another is the mine is potentially endangered operationally. Ironically, the most qualified to operate the mine are the four Malian executives, employed by Barrick, imprisoned by their own government on trumped-up charges. Says Bristow: “They are top-flight engineers and geologists and accountants. While we support them and we talk to them, it’s the most stressful thing I’ve ever managed – a situation like this.”
Right now, Bristow sees no option but to press ahead with international arbitration in order to solve the dispute with Mali, a process he believes will be speedier than many imagine, if that’s the route events take. “It’s the only lever we have,” Bristow says, adding that Barrick remains open to a negotiated agreement.
The dispute with Mali reaches back more than 12 months after the junta enacted a new mining code in terms of which it insisted on a new ownership model, and increased taxes. Barrick has made additional payments to government, but a final agreement is currently out of reach, despite nearing a settlement on three separate occasions, each time rowed back by government.
This article appears in The Mining Yearbook 2025. Click on the link below for more.
