Mali has begun enforcing a provisional order to seize gold stock at Barrick Gold’s Loulo-Gounkoto site, the Canadian mining company said in a memo to its staff. The move marks an escalation in a standoff over a mining contract and new regulations that would allow the Malian government to secure a larger share of mining revenues.
Barrick informed its employees that the government began executing the seizure on January 11, 2025. The memo noted that the company could suspend operations at the site if restrictions on gold shipments are not lifted. The memo, verified by two Barrick employees and a consultant, revealed that the stock in question amounts to around 4 metric tons of gold, valued at nearly $380 million based on current market prices.
Loulo-Gounkoto accounts for about 14% of Barrick’s projected gold output for 2025. Gold is also Mali’s leading export, making up more than 80% of the country’s total exports in 2023.
The dispute comes amid broader tensions between Western mining companies and military-led governments in West Africa. Countries like Mali, Burkina Faso, and Niger are seeking to renegotiate mining agreements to secure a larger portion of the profits from natural resources as they pivot away from their traditional Western allies.
Barrick has not provided additional details beyond its January 6 statement, which warned of the possibility of suspending operations at the site if the situation is not resolved.
