Mali’s military government has seized three tons of gold from Canadian mining company Barrick as part of an escalating legal dispute over the share of revenue owed to the West African nation, according to an internal company letter obtained by The Associated Press.
The letter, sent Monday by Barrick CEO Mark Bristow to Mali’s Mining Minister, stated that the company is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government-run financial institution.
The seizure follows a warning issued earlier this month by Mali’s senior investigating judge, Boubacar Moussa Diarra, who announced that three tons of gold would be confiscated.
A senior Barrick manager, speaking on condition of anonymity due to lack of authorization, confirmed that the military government had seized the gold, which was transported from a mine near Kayes in western Mali to the capital, Bamako, by plane and truck late Saturday.
Malian authorities did not immediately respond to requests for comment.
The seized gold, valued at approximately $180 million, is at the center of a dispute regarding revenues owed to Mali by Barrick. The country’s government previously issued an arrest warrant for CEO Mark Bristow in December, accusing him of money laundering, though no evidence was provided. At the time, authorities also ordered the seizure of Barrick’s gold reserves.
Barrick has offered to pay $370 million as part of negotiations to resolve the dispute. Four senior executives from Barrick remain in custody as part of the ongoing investigation.
Mali, one of Africa’s top gold producers, has increased pressure on foreign mining firms since the military took power in 2020. The government is seeking additional revenue amid challenges such as jihadist violence, widespread poverty, and hunger.
In a similar case in November, Mali arrested the CEO and two employees of Australian mining company Resolute Mining. The company secured their release by paying $80 million to resolve a tax dispute and committing to an additional $80 million payment in the coming months.
