The Malian government is blocking the export of gold from a mine operated by the Canadian company Barrick.
The Malian government continues to block the export of gold from a mine operated by the Canadian company Barrick Gold Corporation. Barrick Gold officials have warned that if the export stalemate persists, the company may be forced to suspend operations, potentially causing severe economic repercussions for Mali.
Malian authorities accuse Barrick Gold of financial misconduct, claiming that an audit of the mine’s operations revealed a shortfall of approximately $500 million. This deficit is estimated to range between 300 and 600 billion CFA francs. The government is demanding that Barrick address this shortfall by making the necessary payments.
In November, several employees of Barrick Gold were arrested and imprisoned, and an arrest warrant was issued for the company’s CEO, Mark Bristow.
As of 2023, the Barrick Gold mine reportedly produced approximately 700,000 ounces of gold, contributing over $1 billion to the local economy. These developments have created significant uncertainty in Mali’s gold mining sector, a vital engine of the nation’s economy.
