12:46 PM EST, 12/16/2024 (MT Newswires) -- Barrick Gold (GOLD) said Monday its negotiations with Mali's government over disputes concerning the Loulo-Gounkoto complex have been unsuccessful, despite prior framework agreements.

The company noted that it made significant concessions toward a memorandum of agreement, but these proposals were rejected without meaningful consideration by the government.

The situation has escalated with the imprisonment of employees and the obstruction of gold shipments, which may lead to a halt in operations.

Since Nov. 25, several senior managers have been imprisoned on baseless charges, and Barrick's chief executive faces illegitimate arrest warrants.

The company said these actions, along with the insistence on applying the 2023 Mining Code to existing operations, have eroded investor confidence and could deter future investment in Mali's mining sector.

Despite this, Barrick said it remains open to constructive engagement to resolve the disputes.

Barrick Gold didn't immediately respond to a request for comment from MT Newswires.

Shares of Barrick Gold were down 1.4% in recent Monday trading.

Price: 16.54, Change: -0.24, Percent Change: -1.43