Barrick Gold (TSX: ABX; NYSE: GOLD) is under increasing pressure in Mali as the country’s military regime seeks to tighten its grip on the lucrative mining sector, The Globe and Mail reported.
After seizing power in a coup in 2021 and forming an alliance with Russian troops led by the Wagner Group, the Mali junta has been focusing on the mining industry, the paper said on Monday. It cited reports by regional intelligence papers Africa Defense Forum, published by the Africa Command of the United States military, and the United Kindgom-based Africa Report.
Mali’s rulers conducted an industry audit and introduced a new mining code aimed at expanding state control over mining companies.
The regime may be planning to seize control of Barrick’s Loulo-Gounkoto, one of the world’s largest gold mines, the Report and Forum said.
Barrick hasn’t replied to emails from The Northern Miner seeking comment in March and April.
Barrick’s gold mining complex in Mali is now “in Russia’s crosshairs,” the Forum said.
In January, Russian soldiers seized the Intahaka gold mine, the largest artisanal site in northern Mali, the Report said.
Barrick CEO Mark Bristow has visited Mali twice since late January, emphasizing Barrick’s contributions to Mali’s economy. These include nearly US$10 billion in taxes, royalties, salaries and payments to local suppliers, or about 5% to 10% of the country’s gross domestic product since the 1990s.
According to the miner, over the past 12 months, Loulo-Gounkoto has contributed more than US$1 billion to Mali’s economy.
The Loulo-Gounkoto mine holds proven and probable gold reserves of 6.7 million oz., with measured and indicated gold resources totaling 9.1 million ounces. It produced 683,000 oz. of gold last year and is on track to meet its production guidance for the current quarter and the year.
Let’s see if Emmanuel Macron will send in the Foreign Legion to kick off the first proxy war in the Sahel. This is a long time coming, and the war might as well be self-financing.
What do you expect from terrorist like russia…maybe the world will finally wakes up to what we Ukrainians have been dealing and telling the world about for decades
Two things wrong here: the resources include the reserves, which is unclear from the story, and estimates are NEVER contained-metal only, always tonnes and grade (that is in your style manual, I’m pretty sure). Not an error the Miner should be making; leave that for the Globe or the Pest.