Mali's Gold Seizure Escalates Tensions with Barrick

The military-led government in Mali seized around three metric tons of gold from Barrick Gold's Loulo-Gounkoto complex, intensifying a dispute over mining contracts. The seized gold, valued at $245 million, is being moved to a state bank. A judge's confiscation order follows ongoing tensions, including executive detentions.

In a dramatic escalation of tensions, Mali's military-led government has seized approximately three metric tons of gold from the Loulo-Gounkoto complex operated by Canadian miner Barrick Gold. The gold, valued at an estimated $245 million, is being transported via helicopter to Banque Malienne de Solidarite (BMS) in Bamako.

The seizure follows a judicial order last week amid a prolonged dispute between Barrick and the Malian authorities over mining contracts. The conflict has previously seen detentions of Barrick executives and an arrest warrant for the company's CEO, Mark Bristow.

Barrick warned that this dispute might force a suspension of operations at the complex, significantly impacting earnings. The company, which disputes Mali's tax claims, has already received arbitration proceedings against the government. No comments have been received yet from either side.

(With inputs from agencies.)