Mali reopens gold mine of giant Barrick, “against the wishes of its owner”
The Malian judiciary has appointed an interim board of directors to operate the gold mine owned by Canadian giant Barrick Gold. It was closed in January following the arrest of some of the mining company's executives and gold seizures by Bamako. At the same time, authorities inaugurated a new gold refinery, whose operation has been entrusted to a Russian group.
A strong move from Bamako, with the seal of justice. In the standoff with the Canadian mining giant Barrick (formerly Barrick Gold), Mali scores a new point. On June 16, a Bamako court “granted the government's request to set up an interim board to manage the Loulo-Gounkoto mine [Barrick's second most productive asset in 2024, located in western Mali] and allow the resumption of operations,” reports the Financial Times .
The mine, which was closed in January after the Malian government seized gold produced at the site , is now reopening “against the wishes of its owner, Barrick.” Its management has been entrusted to a board of directors headed by former Health Minister Soumana Makadji for a period of six months.
Coincidence of the calendar? On the same day, the Kankou Moussa gold refinery, on the outskirts of Bamako, was relaunched “twelve years after the first groundbreaking,” writes the Ivorian website L'Infodrome . After having entrusted it to a Swiss company, Mali “is putting the record straight on the same project and entrusting it, this time, to the Russians.”
The private conglomerate Yadran, which specializes in the extraction and processing of petroleum products, will manage this industrial refinery, which is expected to produce up to 200 tons of the yellow metal per year. "In the midst of a divorce with Barrick," according to L'Infodrome , Mali is rolling out the red carpet for its preferred partner, Moscow.
For its part, Barrick has responded to this new hardening of its relations with the Malian military, reports Maliweb . On June 16, the global gold giant indicated in a press release that an arbitral tribunal had been established as part of the procedure it initiated with the International Centre for Settlement of Investment Disputes (ICSID), which is part of the World Bank.
The precedents that have poisoned relations between the mining company and the Malian state remain unresolved at this stage. “Several executives of the company, described as ' rebels', are [still] in detention,” and Barrick's gold reserves remain stored at the Caisse des Dépôts, according to the Malian news website. Another dispute: Barrick is having trouble digesting the increase in Mali's stake in mining projects from 20% to 35%, according to the new 2023 Mining Code.
“Despite the ongoing tension with the authorities, Barrick says it 'remains engaged in dialogue with the Malian government to identify a constructive and mutually acceptable solution ,'” concludes Maliweb .
Courrier International
