Tensions are rising between Mali’s government and Barrick Gold, the world’s second-largest gold miner.
Mali accuses Barrick of failing to fulfill its commitments in a recent agreement resolving disputes over Loulo and Gounkoto gold mines.
Barrick denies the accusations, stating it has been actively negotiating a settlement that includes increasing Mali’s share of profits.
The company even paid $85 million in early October as part of the ongoing talks.
The accusations stem from an audit conducted last year.
The Malian military government, which came to power in 2021, is pushing foreign mining companies to renegotiate contracts to increase government revenue.
Mali claims Barrick breached the agreement regarding environmental practices, social responsibility, and foreign exchange regulations.
The government threatens legal action and highlights the risk to Barrick’s continued operations in Mali, with one key operating license expiring in early 2026.
This dispute adds to already strained relations. Earlier this month, reports emerged of Mali demanding over $500 million in outstanding taxes and dividends from Barrick.
Negotiations are ongoing, but the future of Barrick’s operations in Mali remains uncertain.