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Mali Seizes $180M in Gold from Canadian company Barrick
BAMAKO, Mali, Jan. 14, 2025 — Mali’s military government has seized three tons of gold belonging to the Canadian mining company Barrick Gold Corp as part of an intensifying legal dispute over revenue sharing with the West African state, according to an internal company letter obtained by The Associated Press.

The seizure, valued at approximately $180 million, is the latest development in the standoff between Barrick and the Malian authorities, who accuse the company of withholding funds owed to the state.
Escalation of the Dispute
In a letter dated Monday, Barrick CEO Mark Bristow confirmed that the company is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government entity. The letter was addressed to Mali’s Mining Minister.
Earlier this month, senior Malian investigator Boubacar Moussa Diarra warned Barrick that three tons of gold would be seized. On Monday, a senior Barrick manager confirmed that the military government carried out the seizure, transporting the gold from a mine near Kayes in western Mali to the capital, Bamako, over the weekend.
Arrests and Legal Moves
The dispute stems from a disagreement over revenue-sharing arrangements between the Malian government and Barrick. In December, Mali issued an arrest warrant for Bristow on charges of money laundering, though no evidence was provided. Authorities also ordered the seizure of Barrick’s gold reserves as part of the legal action.
Four senior executives of Barrick were previously arrested by Malian authorities and remain in custody. The company has offered to pay $370 million to resolve the dispute but has yet to reach an agreement with the government.
Pressure on Foreign Mining Companies
Mali, one of Africa’s top gold producers, has increasingly targeted foreign mining firms as it seeks to bolster revenues amid ongoing economic and security challenges. The military government, which seized power in 2020, has ramped up its pressure on foreign investors in the mining sector.
In November, the CEO of Australia’s Resolute Mining and two of its employees were arrested in Bamako over a tax dispute. They were released after Resolute paid $80 million and pledged to pay an additional $80 million in the coming months.
Context of the Dispute
Mali’s gold industry is critical to its economy, but the country faces significant challenges, including persistent jihadi violence, widespread poverty, and food insecurity. The government has increasingly turned to mining companies to secure revenue as it grapples with these issues.
Barrick, which operates the Loulo-Gounkoto mine complex in Mali, is one of several foreign firms under pressure to comply with government demands. The ongoing dispute highlights the risks for international investors operating in Mali’s lucrative but volatile mining sector.
What’s Next?
The situation remains tense as Barrick negotiates with Malian authorities while grappling with the fallout of the gold seizure and the detention of its executives. The case underscores the increasingly fraught relationship between Mali’s government and foreign investors, raising questions about the future of the country’s gold industry and its broader economic stability.
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