News: Mali Seizes $117M in Gold From Barrick Mine Amid Dispute

Mercantilism means protecting Gold supply by Any Means Necessary

Bottom Line:

Malian military helicopters landed unannounced at Barrick Gold’s Loulo-Gounkoto complex Thursday, seizing over one metric ton of bullion worth more than $117 million. The move escalates a months-long standoff between the Canadian miner and Mali’s military government.

The Story:

Barrick Gold Corp. confirmed that helicopters from the Malian government arrived without warning and departed with approximately 2,204 pounds of refined gold, valued at $117.2 million based on Thursday’s price of $3,324/oz. The metal is reportedly in the hands of the provisional administration appointed by Bamako, though its final destination remains unclear.

This latest seizure follows the January confiscation of three metric tons of gold, which the government has yet to account for publicly.

The Loulo-Gounkoto mine was shuttered earlier this year after Malian authorities blocked exports and detained senior Barrick personnel. In June, Mali placed the mine under provisional state control and announced plans to restart operations under temporary oversight.

The conflict stems from 2023, when Mali’s military regime imposed new financial demands on foreign operators, including retroactive tax claims and mandates under a revised mining law that increases state ownership and royalties. While other firms such as B2Gold and Allied Gold have reached settlements, Barrick has pursued legal recourse.

CEO Mark Bristow stated Thursday that Barrick remains committed to Mali and is preparing for international arbitration, with initial hearings scheduled before the end of July.

“We are not simply hoping for a favorable outcome — we are pursuing resolution through the proper legal channels that the government of Mali agreed to in our mining conventions,” Bristow said in an open letter.