Barrick Gold Halted Mali Operations Following Seizure of Gold Stock

SEATTLE (Scrap Monster):  Barrick Gold Corporation provided further update on Loulo-Gounkoto operations in the African country of Mali. The mining giant has decided to initiate a temporary suspension of operations at the mining complex.

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Shipping gold from the operations had been forbidden to the corporation. Further complicating matters for the corporation was the execution of the interim attachment order by the military administration of the country, which transferred the existing gold stock from the location to a custodian bank. The business has previously threatened to cease operations in Mali if the prohibitions on the shipment of gold were not lifted.

Sources claim that around three metric tons of gold were taken from the mining complex and flown to the state-owned Banque Malienne de Solidarite (BMS) in Bamako. The estimated value of the confiscated gold is $245 million.

A company press release noted that the company was forced to take the decision and that it remains committed to constructive negotiations with the country’s government and all stakeholders to arrive at an amicable settlement, so as to ensure the long-term sustainability of the Loulo-Gounkoto mining complex.

The corporation owed the government a total of $5.5 billion, according to the Mali Economic Ministry.