Barrick hit again as Mali helicopters flee with $117M in gold

[Redator]

Mali’s military government has seized over $117 million worth of gold from Barrick’s (TSX: ABX)(NYSE: B) Loulo-Gounkoto mine, days after junta leader Colonel Assimi Goïta signed a law allowing himself to stay in power indefinitely.

The seizure took place when state helicopters landed unannounced at the site and removed roughly 35,000 ounces of gold or slightly over one metric tonne. One metric tonne of gold is worth about $106.4 million on Friday, with gold trading at around $3,349 per ounce.

Barrick said on Friday the metal was likely taken for sale by the provisional administrator appointed to oversee the mine. Details remain unclear and the situation is still unfolding, it said in a specially created section of the company’s website.

This is the latest escalation in a bitter dispute between the Canadian mining giant and Mali’s ruling junta, which has controlled the country since a 2021 coup — Goïta’s second in under a year.

Mali helicopters land at Barrick mine, leave with $117 million of gold

The seizure follows a June court ruling that placed Loulo-Gounkoto, one of the world’s largest gold operations, under the control of a government-appointed official for six months. Barrick says it has yet to be formally told who the administrator is but has been informed that Samba Touré, a former employee involved in Mali’s controversial mining audit, is advising the government.

Mining at the site has been suspended since January, when authorities initially seized three tonnes of gold and blocked export authorizations. In response, Barrick initiated international arbitration through the International Centre for Settlement of Investment Disputes (ICSID), which is now underway.

“I want to reaffirm Barrick’s commitment to Mali, even as we navigate extraordinary and unprecedented challenges,” chief executive Mark Bristow said on Friday. “While we continue to engage constructively with the government of Mali, the ICSID process provides the legal certainty and international oversight necessary to resolve this dispute definitively”.

‘Unprecedented challenges’

Despite the deepening conflict, Bristow reiterated the company’s commitment to Mali. “We are navigating extraordinary and unprecedented challenges,” he said. “But our position is legally sound, and we remain confident in our ultimate success. We continue to work toward a resolution that serves all stakeholders.”

The gold seizure coincided with the junta’s latest political move: a law granting Goïta an indefinite mandate “until the country is pacified,” according to France24. Mali has been plagued by Islamist insurgencies for over a decade, with violence spilling into neighbouring Burkina Faso and Niger. Military rule has done little to curb the attacks.

Loulo-Gounkoto gold mining complex. (Image: Barrick Gold.)

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Timeline: Barrick’s dispute with Mali’s junta

• 2021
  A military junta led by Général d’Armée Assimi Goïta seized power in Mali.
• August 2022
  Mali’s Minister of Economy and Finance ordered an audit of the mining sector. The audit, conducted by Iventus Mining, run by former Barrick staff, and Mazars Senegal, took place through 2022 and 2023.
• March 2023
  Preliminary audit findings aired on national TV criticized the mining sector but omitted industry responses. Observers noted the report was biased and flawed.
• August 2023
  Mali adopted a new mining code without consulting the industry, despite repeated calls for inclusive dialogue.
• October 2023
  The government launched a review of existing mining contracts, led by the same audit group—raising conflict-of-interest concerns. The 2023 code didn’t legally apply to pre-existing contracts, including Barrick’s.
  Barrick offered to transition to the new framework, if exemptions could preserve project viability. It submitted several proposals, but the Renegotiation Committee refused to engage with data-driven terms.
• Late 2023–2024
  Barrick made successive concessions during MoA talks, while Mali increased demands. In parallel, authorities launched unfounded investigations and detained local Barrick staff.
• October 2024
  Barrick paid $83 million in good faith and outlined a path to resolve disputes. Authorities released the detained employees.
• November 2024
  Four more employees were arrested on unproven charges and remain in detention. Authorities also issued an arrest warrant for Barrick’s CEO.
• Since November 14, 2024
  Mali has blocked gold export authorizations, halting Barrick’s exports.
• December 2024
  Barrick initiated ICSID arbitration over violations of its legal rights.
  
  2025
• January
  Authorities seized over three tonnes of gold, forcing Barrick to suspend Loulo-Gounkoto operations.
  Negotiations briefly resumed later in the month, but the Renegotiation Committee backtracked. It submitted a flawed MoA.
• February 17
  To secure its employees’ release, Barrick signed the MoA. The government never countersigned and escalated tensions by asking a local court to place the mine under provisional administration.
• May 29
  The company asks the arbitration tribunal of the World Bank to intervene in the legal proceedings.
• June 16
  The Bamako Tribunal of Commerce appointed Soumana Makadji as provisional administrator. He has indicated plans to resume gold exports and restart operations.
• July
  Arbitration proceedings advanced. A hearing on provisional measures is scheduled for late July. On July 7, local lawyers finally got an appeal heard regarding the employees’ detention—months late. A ruling is expected July 22.
• Government helicopters landed unannounced at Loulo-Gounkoto on July 10, seizing over a tonne of gold, likely for sale by the provisional administrator. The situation remains fluid.
  
  ** Data source: Barrick Mining and MINING.COM archives.