KEY POINTS
- Mali escalates tensions with Barrick Gold by issuing an arrest warrant for CEO Mark Bristow over financial allegations.
- West African governments intensify pressure on foreign miners, targeting revenues amid a gold price surge and geopolitical shifts.
- Mali, Burkina Faso, and Niger align with Russia, distancing themselves from Western powers in a broader regional realignment.
Mali, a leading gold producer in Africa, has issued an arrest warrant for Barrick Gold CEO Mark Bristow, intensifying a standoff with the Canadian mining conglomerate.
The move, documented in a warrant seen by Reuters on Thursday, underscores escalating tensions between the West African nation’s junta-led government and foreign mining operators.
Government targets mining revenues amid gold rally
With gold prices climbing, Mali’s authorities are pressing mining companies for greater contributions to state coffers. The military-led government has detained industry executives in a bid to extract concessions, reflecting its strategy to shore up public finances.
In September, four senior Barrick employees were briefly detained over $500 million in alleged unpaid taxes, only to be arrested again in November pending trial.
CEO accused of financial misconduct
Mark Bristow, the CEO of the world’s second-largest gold miner, faces accusations of money laundering and financial irregularities, according to the warrant dated December 4. Verified by sources close to the matter, the document marks a rare and bold step by Mali against a high-profile international executive. Barrick declined to comment on the warrant, which sent its shares down 2.9 percent on the Toronto Stock Exchange.
Bristow, a South African national who divides his time between the US and UK, last visited Mali in July. The Toronto-headquartered company also faces pressure over an additional arrest warrant issued for Cheick Abass Coulibaly, the general manager of Barrick’s Loulo-Gounkoto mining complex in Mali.
Wider crackdown on international miners
Mali’s aggressive posture mirrors broader trends across West Africa, where governments are pushing back against foreign mining companies. Last month, Australia’s Resolute Mining saw its British CEO and two employees detained in Mali over a tax dispute. They were released after agreeing to pay $160 million.
Neighboring Burkina Faso has announced plans to revoke some foreign mining permits, aiming to retain more gold for domestic production. In Niger, authorities recently seized control of French nuclear company Orano’s Somair uranium mine.
A shift toward Russia amid waning Western influence
Mali, Burkina Faso and Niger are distancing themselves from traditional Western allies, including the United States and former colonial power France. Instead, these nations are strengthening ties with Russia, which has offered military support to their ruling juntas. This pivot reflects a broader geopolitical realignment in a region critical to global mining and energy interests.
The developments highlight the increasing risks faced by international mining firms operating in politically volatile regions. As resource nationalism rises, companies must navigate a landscape of heightened scrutiny and shifting alliances.
