Mali declines releasing arrested employees of Canadian company
(MENAFN) A Malian court has rejected the request for the conditional release of four Barrick Mining Corporation employees who have been held since 2024 on charges of money laundering and terrorism financing, the company’s lawyer Alifa Habib Kone told Reuters on Tuesday. Barrick, a major Canadian gold producer, denies the allegations and has appealed the detentions, calling them arbitrary. However, Judge Samba Sarr dismissed the appeal as baseless.
Barrick has operated in Mali for nearly 30 years, but relations with the government have worsened due to disputes over unpaid taxes and royalties. Tensions peaked in November when four local executives were detained, and a warrant was issued for Barrick’s CEO, Mark Bristow. Recent negotiations faltered after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in overdue revenues, while Barrick offered a phased payment plan.
Last month, Mali’s military-led government temporarily removed Barrick’s control over the Loulo-Gounkoto gold mine, transferring management to a state-appointed administrator for six months. Barrick condemned the move as illegal and contrary to contractual agreements, filing a case against Mali with the World Bank’s arbitration tribunal.
According to Bloomberg, Malian authorities seized about a ton of gold from the mine earlier this month, with the provisional administration expected to sell it to fund operations. Barrick owns 80% of the Loulo-Gounkoto mines, with the Malian government holding 20%. In 2023, Mali revised its mining code to allow the state up to a 30% stake in new projects to boost revenue. Mali’s economy minister recently highlighted a new deal with Russia’s Yadran Group to establish a state-majority-owned gold refinery, aiming to increase national earnings from gold production.
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