Barrick Gold is dedicated to resolving a dispute with Mali regarding its mining assets. The disagreement involves Mali’s new mining code affecting Barrick’s gold complex. Operations were suspended after the confiscation of gold, but the company continues to pay staff while managing overdue payments to suppliers. An agreement to end the dispute is under review by the government.
Barrick Gold is actively pursuing a resolution with the Malian government regarding their ongoing asset dispute. The company’s Chief Operating Officer for Africa and the Middle East expressed the firm’s commitment to resolving the situation in a recent memo. The conflict arose from the implementation of Mali’s new mining code, which allocates a larger share of Barrick’s Loulo-Gounkoto complex to the state.
In January, Barrick announced a temporary suspension of mining operations after the government confiscated approximately three metric tons of gold, blocking its exports since November. Despite signing an agreement on February 19 to resolve the dispute, the finalization process is ongoing, reflecting a common occurrence in similar past agreements in Mali.
Sebastiaan Bock, in the company memo, indicated there are no significant updates and a reminder that all non-critical operations remain paused. Salaries and annual bonuses for staff continue unaffected, though some suppliers indicated Barrick has outstanding payments amounting to two months overdue, raising concerns about the financial impacts of the suspension.
Barrick Gold is committed to resolving its asset dispute with the Malian government amidst ongoing operational suspensions. While the company signed an agreement in February to address the conflict, final approval is still pending. Financial challenges are evident with overdue payments to suppliers despite maintaining salary commitments to staff. Continued efforts to engage with the government illustrate Barrick’s focus on achieving a mutually beneficial outcome.
Original Source: money.usnews.com
