A MALIAN court has postponed a scheduled hearing on whether to place Barrick Mining’s Loulo-Gounkoto complex under provisional administration. The case will now be heard on May 22, said Reuters citing the court president.
The dispute stems from Mali’s 2023 mining code that increases taxes and government ownership stakes. Mali’s military government argues foreign mining companies must comply with the new requirements to continue operations in the gold-rich nation, saying current arrangements undervalue the country’s resources.
Barrick Mining, formerly Barrick Gold, contends it has invested significantly in Mali over two decades and accuses the government of changing terms and unfairly detaining executives to pressure the company.
Most other mining multinationals operating in Mali have accepted the new code, including Australia’s Resolute Mining, which reached an agreement after its CEO was detained for over a week, said Reuters.
The government’s request aims to restart operations at the mining complex, which have been suspended since mid-January when authorities seized approximately three tons of gold valued at $317m, claiming tax non-compliance. The government had blocked Barrick’s gold exports since early November.
Barrick denies all allegations of wrongdoing.
