Mali closes Barrick’s office over alleged taxes: Reuters

Authorities in Mali have shuttered Barrick Gold’s (NYSE: GOLD; TSX: ABX) office in the capital, Bamako, over what they claim is unpaid tax, Reuters reported, citing sources with knowledge of the situation.

Barrick has previously rejected accusations of wrongdoing, and issued a statement Tuesday calling for responsible leadership.

“Barrick…has continued to engage in good faith with the Government of Mali to finalize an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025,” the company said.

The dispute stems from Mali’s updated mining code, introduced in 2023, which boosts the government’s ownership in mining ventures. Tensions between the two sides have persisted since the new rules came into effect.

Shares in Barrick Gold were up 0.5% on Tuesday in New York to $20.50 apiece. The company’s market capitalization is $35.3 billion.

Operations suspended

One source told Reuters that Barrick employees in Bamako are currently locked out of the office. However, the closure does not impact the company’s Loulo-Gounkoto mine in western Mali, where operations have been on hold since mid-January.

Barrick CEO Mark Bristow said in February the company will resume mining once the government allows it to restart gold exports. He added that officials have confirmed gold worth about $245 million, previously seized by the state, still belongs to the company.

The Loulo-Gounkoto site is currently excluded from Barrick’s production guidance and is not expected to contribute to output until 2027.

In February, Reuters reported that Barrick had reached a settlement with the government, which remains subject to official sign-off.

The Loulo-Gounkoto shutdown followed the state’s January seizure of roughly three tonnes of gold, citing separate tax-related claims. That issue is distinct from the matter behind this week’s office closure, a source clarified to Reuters.