Mali appeals order to free detained Barrick staff – report

[Ben Graham]

Malian prosecutors have appealed a judge’s order to release four employees of Barrick Mining (NYSE: B) on bail, extending the legal uncertainty around the Canadian miner’s operations in the country, Bloomberg reported on Thursday.

The employees — including a regional manager detained late last year — will remain in jail until the Court of Appeal reviews the prosecution’s case, according to people familiar with the matter. The judge had set bail at 50 billion CFA francs (about US$90.3 million), an unusually high sum, one of the people said.

The arrests in November 2024 were tied to allegations of money laundering, terrorism financing, and tax-related offenses. Barrick has denied the claims, saying the detentions are part of escalating pressure from Mali’s military-led government over the company’s operations at its flagship Loulo-Gounkoto gold complex, once its largest mine in Africa.

Mounting tensions over Loulo-Gounkoto

The dispute traces back to Mali’s 2023 mining code, which increased government royalties and equity stakes in joint ventures. While other operators such as Allied Gold Corp. and B2Gold Corp. reached agreements with the junta, Barrick resisted.

In 2024, the government demanded a larger share of profits from the Loulo-Gounkoto complex. As Barrick pushed back, Mali escalated the pressure by jailing four executives, blocking exports from the mine, and seizing bullion.

Barrick responded by seeking international arbitration late last year, and in January 2025 shut down the mine entirely.

In June 2025, Malian authorities moved to place Loulo-Gounkoto under state control by appointing a provisional administrator for six months.

The standoff has had major financial repercussions. Last month, Barrick announced a more than $1 billion writedown on its Malian operations, reducing the carrying value of its 80% stake in Loulo-Gounkoto. The complex previously contributed about 15% of Barrick’s total gold output, leaving a significant gap in its production portfolio.

The crisis deepened further when Hilaire Diarra, formerly general manager of Barrick’s Tongon mine in Ivory Coast and a key negotiator with Mali, switched sides. In late August, Diarra was appointed as a special adviser to Mali’s president Assimi Goïta.

Barrick shares slipped 0.5% in morning trading Thursday in New York, giving the company a market capitalization of about $50.2 billion.