Mali’s Government Issues Arrest Warrant for Barrick Gold CEO Amid Mine Revenue Dispute
In a dramatic escalation of the dispute over mine revenues, Mali’s military-controlled government has issued an arrest warrant for Mark Bristow, CEO of Barrick Gold Corp, on charges of money laundering. This move marks the latest in a series of measures targeting foreign mining companies operating in Africa’s second-largest gold-producing nation.
The Loulo-Gounkoto Complex: A Key Asset for Barrick
The Loulo-Gounkoto operation, managed by Abbas Coulibaly, is a significant asset for Barrick, accounting for nearly 14% of the company’s annual gold production and almost 12% of total revenue last year. The Canadian mining company’s shares fell as much as 3.2% in New York on Thursday, leading stock declines of senior bullion producers as spot gold prices slipped.
Negotiations Turn Sour
The arrest warrants come after four Barrick employees were detained last month to await trial, as negotiations over how to divide the economic benefits of Mali’s biggest gold mine turned sour. Barrick has refuted the charges, saying it will continue engaging with the government to find an amicable settlement that ensures the long-term sustainability of the operations.
Mali’s Military Control and Economic Pressures
Since coming under military control in 2020, Mali has strengthened its relationship with Russia and brought Kremlin-linked mercenaries to the country to combat an Islamist insurgency. The cash-strapped authorities in Mali have been pressuring investors to pay large sums to settle claims arising from a sector-wide audit that Bristow’s firm previously described as “legally and factually flawed.”
Pressure on Miners to Pay Up
The government has either concluded or is discussing agreements for the biggest miners in the country – Barrick, Resolute Mining Ltd., Allied Gold Corp., and B2Gold Corp. – to transfer more than $840 million to the state. The government is also pushing companies with operating mines to accept some terms of a revised mining code that hikes royalties by linking rates to the gold price, which has hit repeated record highs this year.
Bristow’s Warrant Adds to Uncertainty
The warrant for Bristow comes after Resolute CEO Terry Holohan and two colleagues were arrested in Mali’s capital, Bamako, last month. They were released after the company agreed to pay $160 million to resolve a tax dispute and to migrate the firm’s Syama project to the updated mining law. As the brinkmanship intensified, the finance minister even threatened to take back Loulo’s permits when up for renewal in 2026.
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