Mali Seizes $180 Million Worth of Gold from Canadian Mining Company Barrick

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In a dramatic escalation of a legal battle over revenue sharing, Mali’s military government has confiscated three tons of gold from Canadian mining giant Barrick Gold Corporation. The move underscores rising tensions between the West African nation and foreign mining firms operating within its borders.

The gold, valued at approximately $180 million, was taken from a Barrick mine near Kayes in western Mali and transported to the capital, Bamako, over the weekend. This action follows a warning issued earlier this month by Mali’s senior investigating judge, Boubacar Moussa Diarra, who had notified Barrick of the impending seizure.

In an internal letter addressed to Mali’s Mining Minister, Barrick’s CEO Mark Bristow confirmed the company was “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government-affiliated entity. A senior Barrick manager, speaking anonymously due to the sensitivity of the situation, corroborated the seizure, stating that the operation involved both air and ground transport.Mali Seizes $180 Million Worth of Gold from Canadian Mining Company Barrick

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The Malian government has not yet issued an official statement regarding the confiscation. However, the seizure is believed to be part of an ongoing dispute over the share of revenue owed to the state.

Mali, one of Africa’s largest gold producers, has seen increased scrutiny of foreign mining operations under its current military leadership. The government has prioritized renegotiating contracts with multinational corporations to ensure a greater share of profits remains in the country.

This development highlights growing resource nationalism in Mali, where gold mining contributes significantly to the national economy. It also signals the military government’s determination to assert greater control over natural resources, even at the risk of straining relations with international investors.

As the dispute unfolds, it raises questions about the future of foreign investment in Mali’s mining sector, a critical pillar of its economy. Both sides are expected to engage further as the legal and diplomatic implications of the seizure become clearer.

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