Mali’s military government has seized three tons of gold from Canadian mining company Barrick as part of a legal dispute over revenue owed to the West African state, according to an internal Barrick letter obtained by The Associated Press.
The letter, from Barrick CEO Mark Bristow to Mali’s Mining Minister, dated Monday, states the company is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government entity.
The seizure follows a warning earlier this month from Mali’s senior investigating judge, Boubacar Moussa Diarra, who had stated that the three tons of gold would be confiscated. On Monday, a senior Barrick manager, speaking on condition of anonymity, confirmed that the gold had been taken by the military and was now stored in the capital, Bamako. The gold was transported by plane and truck from a mine near Kayes in western Mali late on Saturday.
The Malian government has not immediately responded to requests for comment.
Valued at approximately $180 million, the gold seizure is part of a broader dispute over Barrick’s revenue share with Mali. In December, Mali issued an arrest warrant for Bristow on charges of money laundering, without presenting evidence, and ordered the confiscation of Barrick’s gold reserves. Barrick has offered to pay $370 million to resolve the dispute.
In connection with the ongoing tensions, Mali’s military government has previously arrested four senior Barrick executives, who remain in custody.
Mali, one of Africa’s largest gold producers, has faced ongoing challenges, including jihadist violence and widespread poverty. Since the military seized power in 2020, the government has increasingly pressured foreign mining companies to contribute more to the country’s coffers.
In November, the CEO of Australian company Resolute Mining and two of its employees were arrested in Bamako, though they were later released after Resolute paid $80 million to resolve a tax dispute and promised an additional $80 million in payments over the coming months.