Mali seizes 3 tons of gold from Canadian company
3 min readMali’s military government has begun seizing gold from Barrick, a Canadian mining company, as part of an ongoing legal dispute over revenue shares owed to the country. According to an internal letter from Barrick CEO Mark Bristow to Mali’s Mining Minister, obtained by The Associated Press, the company is awaiting confirmation that the seized gold has been properly received by the Malian Solidarity Bank, a government entity.
This action follows a warning issued earlier this month by Mali’s senior investigating judge, Boubacar Moussa Diarra, who stated that three tons of gold would be confiscated. On Monday, a senior Barrick manager confirmed that the gold had been seized by the military government and transported to the capital city, Bamako. The manager, speaking anonymously, noted that the gold was taken from a mine located near Kayes, in western Mali, and was moved by plane and truck late on Saturday.
The value of the seized gold is estimated at approximately $180 million, highlighting the significance of the ongoing dispute over revenue owed to the Malian state. The conflict escalated in December when Mali issued an arrest warrant for Barrick’s CEO, Mark Bristow, on charges of money laundering. No evidence was provided to substantiate the claim, but the arrest warrant came alongside an order to seize Barrick’s gold reserves. In response, Barrick has offered to pay $370 million to resolve the issue.
This is not the first time that the Malian government has taken such drastic action against foreign mining companies. As part of the dispute, four senior Barrick executives were arrested by the military government and remain in custody. Mali has been under military rule since 2020, following a coup, and the government has increasingly targeted foreign companies operating within the country as part of efforts to bolster its own revenue streams.
Mali is one of Africa’s largest gold producers, with mining playing a central role in the country’s economy. However, the country has faced significant challenges in recent years, including ongoing jihadist violence and high rates of poverty and hunger. The military government’s actions against Barrick and other mining companies reflect its broader strategy of asserting control over natural resources and increasing revenues, especially in the face of economic struggles.
The situation with Barrick is part of a broader trend of growing pressure on foreign mining companies operating in Mali. In November, the CEO of Australian mining firm Resolute Mining, along with two employees, was arrested in Bamako. The company was subsequently required to pay $80 million to resolve a tax dispute and agreed to pay an additional $80 million over the following months to settle the matter with Malian authorities.
This seizure of gold marks a new chapter in the tensions between Mali’s military government and foreign mining companies. The government has repeatedly emphasized its need to increase revenue from the mining sector, which has historically been dominated by foreign firms. With the country’s economic challenges and the ongoing security concerns due to jihadist insurgencies, the government’s approach to resource control has become more aggressive. The military’s stance is also influenced by its desire to weaken foreign influence in Mali and reassert national sovereignty over valuable resources.
While the Malian government has not yet provided an official statement regarding the gold seizure, the move is part of a broader pattern of increasing scrutiny and control over foreign mining operations. The government’s actions reflect both a desire to strengthen its financial position and to navigate the challenges posed by an unstable security environment. As tensions between the military government and foreign companies escalate, the future of the mining sector in Mali remains uncertain, with the government signaling that it is willing to take bold steps to secure a greater share of the country’s natural resources.
For Barrick, the situation remains tense, with the company seeking to resolve the dispute while facing mounting pressure from the Malian authorities. The company’s offer to pay $370 million remains on the table, but it remains to be seen whether this will be enough to settle the issue and secure the release of the detained executives. The international community will be closely watching how this situation develops, as it could have significant implications for foreign investment in Mali and other countries in the region facing similar challenges.
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