Mali’s junta-led authorities are now selling gold from a major mine. This critical action follows the recent seizure from Canadian firm Barrick. Officials aim to restart operations at the significant Loulo-Gounkoto complex.
A Malian court ruled last month that the mine would undergo government management. This decision effectively ousted Barrick, the Toronto-based operator. Mining activities ceased at the site in January.
An economy ministry source indicated gold stock sales are underway. These proceeds will finance the essential restarting of operations. Funds will also reportedly address outstanding salary arrears.
The Malian government and Barrick have been embroiled in a dispute. Bamako seeks greater control over its rich mineral resources. It also aims to raise royalties from international mining firms.
Malian authorities previously accused Barrick of tax evasion. They cited hundreds of millions of dollars in unpaid dues. Barrick maintains its subsidiaries legally own the mine.
Barrick confirmed losing operational control following the court’s decree. The company has now initiated international arbitration. This process is proceeding through a World Bank arbitration panel.
Loulo-Gounkoto, opened two decades ago, is globally significant. It contributed approximately $1 billion to Mali’s economy in 2023. Mali, one of the world’s poorest nations, is governed by a military junta.