Tensions Rise as Mali Orders Seizure of Barrick Gold Stocks

The Malian government has initiated the enforcement of an order to seize gold stocks from Barrick Gold's Loulo-Gounkoto site. This action, confirmed by internal communications at the Canadian mining company, threatens to halt operations if restrictions aren't lifted soon.

The Malian government has taken a significant step by enforcing a provisional order to seize gold stocks at the Loulo-Gounkoto site, owned by Canadian mining giant Barrick Gold. This enforcement began on January 11, as per a company note disseminated among staff in Mali.

An employee of Barrick in Mali, under the condition of anonymity, verified the authenticity of the internal communication, which was reportedly sent to company personnel on Sunday. This move by the government has led Barrick to caution about a potential temporary shutdown if the restrictions on their gold shipments are not lifted swiftly.

Barrick Gold, renowned as the second-largest gold miner globally by volume, had already alerted to the order's issuance back on January 6. The company's operations are now under threat of suspension pending a resolution with the Malian authorities regarding the ongoing shipment constraints.

(With inputs from agencies.)