Barrick Gold warned on Monday that it may suspend operations in Mali due to ongoing export blockages. The company has struggled to reach an agreement with the government over a new mining code.
Conditions at Barrick’s Loulo-Gounkoto complex have worsened, with employees detained without cause and gold shipments blocked. If the situation persists, Barrick said it will halt operations, which could severely affect Mali’s economy.
Shares of Barrick Gold fell 1.8% on the Toronto Stock Exchange amid rising concerns. Analysts had already anticipated challenging talks between the company and the Malian government.
The dispute has lasted over a year, with Barrick making significant concessions that the government rejected. Mali insists Barrick’s operations must comply with a 2023 mining code, which the company says doesn’t apply to existing ventures.
Mali’s Ministry of Mines has not commented on the situation, though negotiations continue. Barrick’s executives have been detained, including CEO Mark Bristow, with an arrest warrant issued for him.
Barrick condemned the charges against its staff and warned that the situation could erode investor confidence in Mali’s mining sector.