A MALIAN court has adjourned until Thursday a crucial hearing on whether to place Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, a move that would escalate tensions between Mali and the Canadian miner.
The Commercial Court in Bamako delayed its decision on the government’s request to seize control of the mining operations, said Reuters citing the court’s registry office and legal representatives. Should the court grant Mali’s application, it would mark a dramatic escalation in the ongoing dispute between the military-led government and Barrick Mining.
Operations at the complex have been suspended since January amid a bitter row over taxation and ownership rights. The conflict stems from Mali’s implementation of a revised mining code in 2023, which significantly increases tax burdens and grants the government a larger stake in gold mining operations.
The situation deteriorated when the Malian government seized approximately three tons of gold from the complex in January, alleging that Barrick had failed to meet its tax obligations. The government had already been blocking the company’s gold exports since early November. Barrick maintains it cannot resume operations until Mali lifts export restrictions.
The timing is significant given gold’s remarkable performance, with prices surging 28.5% this year after gaining 27% in 2024. The precious metal reached a record $3,500.05 per ounce on 22nd April.
Mali’s insistence that Barrick fully adopt the 2023 mining code remains the primary obstacle to resolution, according to Reuters.
The dispute has taken serious dimensions, with four Barrick employees detained since November and an arrest warrant issued for CEO Mark Bristow in December.
Court documents reviewed by Reuters reveal charges include money laundering and terrorism financing, which Barrick has rejected.
