Barrick Gold is dedicated to resolving a dispute with Mali over mining regulations. The disagreement, initiated in 2023, involves a new mining code altering government revenue shares. Barrick is currently suspending operations with some overdue payments reported, while still ensuring employee salaries and bonuses amid negotiations for resolution.
Barrick Gold is committed to resolving ongoing disputes in Mali, according to a memo from its Chief Operating Officer for Africa and the Middle East. This commitment follows a conflict that began in 2023 regarding Mali’s new mining code, which allocates a greater share to the government from Barrick’s Loulo-Gounkoto gold mining operations.
On January 13, 2023, Barrick announced the suspension of its mining activities in Mali after the Malian government seized approximately three metric tons of gold stock and impeded Barrick’s ability to export gold since November 2022. On February 19, reports indicated that Barrick signed a preliminary agreement to resolve the dispute, which awaits formal approval from the Malian state.
Although progress has been made, finalizing the agreement is taking longer than anticipated, as prior agreements with other mining companies in Mali have experienced similar delays. In a memo to staff, Sebastiaan Bock noted that there were no significant updates and reiterated the suspension of non-critical operations. Despite these circumstances, staff salaries and bonuses have not been affected, although reports indicate Barrick has accrued two months of overdue payments to one of its suppliers.
In conclusion, Barrick Gold is actively seeking to address the disputes arising from Mali’s revised mining regulations. Despite the suspension of operations and delays in formalizing agreements, the company is maintaining employee compensation and is committed to finding a resolution. The situation is reflective of the complexities involved in mining legislation and negotiations within the region.
Original Source: money.usnews.com
