RT-Engels: 12-02-2025,
Barrick Gold and the African state’s military-led government have been at odds over a new extraction contract
Mali and Canadian miner Barrick Gold have suspended talks to resolve a long-running dispute over unpaid revenue to the West African country’s authorities after failing to reach an agreement, Bloomberg reported on Tuesday, citing local sources.
The former French colony is one of Africa’s top gold producers, with large-scale operations such as the Loulo and Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. However, since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income as the price of the precious metal continues to rise. In 2023, the Sahel state passed a new mining code allowing the military government to own up to 30% of any new projects.
According to Bloomberg sources, Mali is demanding a settlement payment of 125 billion CFA francs ($197 million) from Barrick as well as compliance with the new mining policy. The Sahel state reportedly prefers an upfront payment, while Barrick wants a payment plan spread out over time.
Mali had previously demanded around $500 million in unpaid taxes from the world’s second-largest miner, according to reports. Last October, the corporation announced that it had paid $85 million to the Malian government following a preliminary agreement with Bamako to end concession disagreements.
However, tensions have since escalated, with Mali detaining four senior Barrick executives.