BARRICK Mining has renewed its plea to Mali’s military government to restart negotiations over a contentious dispute that could see the West African nation seize control of the company’s substantial gold mining assets, said the Globe & Mail, a Canadian newspaper.
The gold miner was forced to stop mining at its Loulo-Gounkoto facility in January following a row with Malian authorities over profit-sharing arrangements. Mali’s ruling junta has detained four company executives and issued an arrest warrant for CEO Mark Bristow.
A Malian court is scheduled to decide on June 2 whether to grant the government authority to assume control of the mine following last week’s legal proceedings.
Barrick maintains there are no legitimate grounds for transferring day-to-day operations to a court-appointed administrator. The company recently contacted Mali’s economy and finance minister, reaffirming its readiness to discuss the release of imprisoned staff and operational resumption, said the Globe & Mail.
“Barrick believes there is no basis – either in law or in practice – for the day-to-day operations at Loulo-Gounkoto to be handed over to a court appointed interim administrator,” the company said in a release on Monday.
Loulo-Gounkoto previously generated approximately 15% of Barrick’s global output and represented its largest African operation. Barrick bought the mines through its 2019 purchase of Randgold Resources, with the company holding an 80% while Mali owns the remainder.
Barrick is simultaneously seeking international arbitration. The ongoing tensions have negatively impacted the company’s share performance, contributing to rival Agnico Eagle Mines overtaking it as Canada’s most valuable gold producer.
