Barrick Committed to Reaching a Mutually Beneficial Resolution in Mali

SEATTLE (Scrap Monster): In a memo released Saturday, Barrick Gold’s chief operating officer for Africa and the Middle East stated that the company remains committed to reaching a mutually benefitting resolution in Mali. Barrick has been in a dispute with the country’s administration over the past several months, over a new mining code which gives the state a greater share in the company’s Loulo-Gounkoto gold mining complex.

In the memo, Sebastian Bock admitted that there are no major updates to be given at this point of time. He reiterated that all non-critical operations continue to remain halted until further notice.

The memo provided reassurance that, in spite of the operations being suspended, employee pay and yearly incentives have been preserved. This stands in contrast to a supplier's assertion that the business owed money for two months.

In November of last year, Barrick's gold exports were halted by the Mali government. The corporation had made the decision to temporarily halt mining operations in the African country after around three tons of gold stock were seized in January of this year. It had inked a deal to settle the conflict later in February. The acquisition is still awaiting state approval, which is causing a longer than anticipated delay.

YOU MAY ALSO BE INTERESTED IN:

Barrick's Overall Gold Reserves Recorded Notable Surge

Barrick Gold Mulls Relocation of Corporate Domicile to the U.S.