Mali Authorities Seize Gold in Dispute with Barrick Gold

Malian authorities have confiscated about 3 metric tons of gold from Barrick Gold's Loulo-Gounkoto mining site due to an ongoing dispute. The gold, valued at $245 million, is now held at Banque Malienne de Solidarite. Barrick suspended operations in Mali following the seizure.

Malian authorities have seized approximately 3 metric tons of gold valued at $245 million from the Loulo-Gounkoto mining complex operated by Canadian company Barrick Gold. The gold is currently stored at the Malian state-owned Banque Malienne de Solidarite, according to sources who spoke with Reuters.

This move marks an escalation in the ongoing dispute between Barrick and the Mali government, leading the company to suspend its operations in the West African country. According to eyewitnesses, the gold was transported via two military helicopter flights from the mining site.

A Jan. 2 court order by Judge Boubacar Moussa Diarra initially mandated the gold's storage at Banque de Developpement du Mali. However, limitations in securing such a large quantity led to its transfer to the Banque Malienne de Solidarite.

(With inputs from agencies.)