Barrick Gold is committed to resolving a dispute with the Malian government over new mining regulations that affect its operations. Following the seizure of gold by the government, the company temporarily halted mining operations. An agreement has been signed but awaits formal approval, while salaries and bonuses for staff have been maintained despite some overdue payments to suppliers.
Barrick Gold remains actively involved in negotiations with Mali to resolve an ongoing dispute regarding the new mining code, which reallocates a larger portion of the state’s shares in Barrick’s Loulo-Gounkoto gold mining complex. This statement was delivered by Barrick’s Chief Operating Officer for Africa and the Middle East in a memo released to staff, as confirmed by Reuters.
The disagreement escalated in 2023 when the Malian government seized approximately three metric tons of gold, prompting Barrick to suspend mining operations. Since early November, the government has restricted Barrick’s ability to export gold. A recent report indicates that Barrick has signed an agreement aimed at resolving the dispute, pending formal approval by the state.
Despite lacking significant updates, Barrick seeks a mutually beneficial resolution and is cautiously optimistic as negotiations progress. The finalization of the agreement appears to be delayed, a situation not uncommon in similar negotiations involving other mining entities in Mali. Meanwhile, non-critical operations at the complex remain paused, yet staff salaries and bonuses are being sustained, even amidst reports of overdue payments to certain suppliers.
In summary, Barrick Gold is committed to resolving its dispute with the Malian government concerning the new mining code and seizing of gold stocks. While it is engaged in ongoing negotiations, the completion of the agreement with the government has been delayed, although staff compensation remains unaffected. Barrick continues to seek a resolution that benefits both parties involved.
Original Source: www.mining.com
