Key Points
- Barrick Gold cannot ship gold from its Mali mine due to disputes.
- Arbitration has been launched to address unresolved investment disagreements.
- The situation affects the local economy, employees, and service providers.
Listed in Toronto and New York Barrick Gold’s Loulo-Gounkoto mining complex in Mali, West Africa, is still prohibited from shipping gold.
Gold exports halted at Loulo-Gounkoto mine
Additionally, an interim attachment order has been filed against the on-site gold stock, further prohibiting its export and interfering with regular business activities. According to Barrick, the ruling is deemed unnecessary and a breach of the established dispute settlement procedures.
Barrick President and CEO Mark Bristow told Mining Weekly that the mine’s 8,000 workers and local service providers are also affected by the inability to move gold, which also has wider ramifications for the local economy.
Barrick will be forced to temporarily halt operations at Loulo-Gounkoto if this problem is not fixed in the upcoming week. Although extremely unfortunate, such a move would be required, Bristow stated.
Barrick initiates arbitration to resolve disputes in Mali
According to Barrick, it is still dedicated to cooperating with the Malian government to find a peaceful solution to the conflicts.
While continuing talks with the government on a memorandum of understanding, the corporation has started arbitration through the International Centre for Settlement of Investment Disputes, a recognized method for resolving investment conflicts. The proposed deal seeks to enhance the state’s share of Loulo-Gounkoto benefits, settle disagreements, and reshape the partnership’s future.
Bristow also drew attention to the fact that a number of Malian workers are still being held on what Barrick called baseless accusations. The business is confirming its dedication to the welfare of its employees by fighting to achieve their release and guarantee their safety.
For almost thirty years, Barrick has been a reliable partner to Mali and its citizens, making substantial contributions to the nation’s social and economic advancement, according to Bristow.
In order to ensure that Loulo-Gounkoto continues to play a significant role in Mali’s economy, he added, “We’re committed to dialogue and finding a mutually acceptable resolution.” Â
