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Breaking News: Mali Court Delays Decision on Barrick Mining Dispute to May 22
#BarrickMining #MaliGovernment #MiningSector #GoldRichCountry
In a dramatic turn of events, the highly-anticipated Malian court hearing to determine the fate of Barrick Mining’s Loulo-Gounkoto mining complex has been pushed back to May 22, as confirmed by the court president. Tensions have been escalating between Barrick Mining (formerly Barrick Gold) and the Malian government since 2023 over a new mining code that increases taxes and grants the government a larger stake in the lucrative gold mines.
Mali’s military regime, in line with its counterparts in West Africa, is vying for a greater share of revenue from the mining sector, citing perceived injustices in the current setup. Foreign multinationals, including Barrick, are facing pressure to comply with the government’s demands to continue operations in this gold-rich nation.
Amidst accusations of shifting demands and unfair practices, Barrick has staunchly defended its contributions to the Malian economy over two decades. The government’s move to detain executives and the seizure of gold assets worth millions have further exacerbated the standoff.
While most mining companies have acquiesced to the new regulations, the dispute with Barrick remains unresolved. The Malian state, holding a 20% stake in the Loulo-Gounkoto complex, has sought provisional administration to resume operations at the suspended mines, escalating the conflict with the Canadian giant.
With operations halted since January and gold exports blocked by the government, Barrick faces mounting pressure. The company insists on the removal of export restrictions before resuming activities, underscoring the deadlock in negotiations.
As both parties strive to reach a consensus through a memorandum of understanding, the stakes are higher than ever. Barrick’s CEO, Mark Bristow, revealed that previous attempts at reconciliation had fallen short, hinting at a protracted battle for control in the gold-rich lands of Mali.
Stay tuned for further updates on this gripping saga. Share your thoughts below!
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