DAKAR, Senegal — The military government of Mali has begun confiscating gold reserves from Barrick, a Canadian mining firm, as part of an ongoing legal dispute regarding the revenues owed to the Malian state. This information comes from an internal letter from Barrick’s CEO, Mark Bristow, addressed to the Malian Mining Minister, which highlights the awaiting confirmation of a proper transaction by the Malian Solidarity Bank, a government entity.
The gold confiscation follows a previous notice issued by Mali’s chief investigating judge, Boubacar Moussa Diarra, indicating that three tons of gold would be taken. A senior manager from Barrick, who opted to remain anonymous due to restrictions on public commentary, confirmed that the military government has indeed taken three tons of gold and stored it in the capital city of Bamako. The precious metals were reportedly transferred from a mine located near Kayes in western Mali, transported via air and road late Saturday.
At present, there has been no response from the Malian authorities regarding the situation. The seized gold, valued at approximately $180 million, is part of a broader controversy over the financial obligations owed by Barrick to the Malian government.
In a noteworthy development, Mali previously issued an arrest warrant for Bristow in December on unsubstantiated charges of money laundering and ordered the confiscation of Barrick’s gold stocks. In response to the ongoing issues, Barrick has proposed a payment of $370 million.
Compounding the situation, Mali’s military government has arrested four senior executives from Barrick in connection with this dispute, and they are currently in custody. Mali ranks as one of Africa’s top gold-producing nations, yet faces significant challenges, including rampant jihadist violence and widespread poverty. Since a military takeover in 2020, the government has imposed increasing pressures on foreign mining companies to enhance state revenue.
In a related instance from November, the CEO of an Australian mining firm, Resolute Mining, along with two of its staff, were detained in Bamako. They were released only after the organization paid $80 million to the Malian authorities to settle a tax disagreement, with a further $80 million promised in the coming months.
