financetom
Business
financetom
/
Business
/
Barrick says Mali government's attempt to take over its gold mine is 'unlawful'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Barrick says Mali government's attempt to take over its gold mine is 'unlawful'
May 26, 2025 1:53 PM

TORONTO, May 26 (Reuters) - Canadian miner Barrick

Mining ( B ) said an attempt by the Mali government to take

over the company's Loulo-Gounkoto gold mine in the country is

"unlawful".

Mali's military-led interim government has asked the local

court to appoint a provisional administrator to take over

Barrick's mine, which it suspended in January over the alleged

non-payment of taxes. Barrick has denied those charges.

The local Bamako court is expected to rule on June 2 on the

government's request to appoint a provisional administrator.

"The attempt to interfere with Loulo-Gounkoto's operations

is without precedent or lawful justification. It disregards

Barrick's rights under both Malian law and binding agreements,

and it is inconsistent with the principles of due process and

mutual respect that should underpin partnerships between

governments and long-term investors," Barrick said in a

statement.

It added that the company has reiterated its commitment to

reach a satisfactory agreement.

The Mali government did not immediately respond to a request

for comment.

Mali's military government, like others in West Africa, says

that it wants to increase its revenue from the mining sector as

it believes current arrangements are unfair, and that foreign

multinationals must comply with its demands if they want to keep

operating in the gold-rich country.

Most mining companies in Mali have yielded to the

government's demands, except Barrick. The company has repeatedly

said it has invested heavily in the Malian economy over more

than 20 years. It accuses the government of moving its goal

posts and asking for more money, as well as unfairly detaining

some of its executives in what it says is an attempt to

blackmail the company.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Serbia has a week to resolve NIS refinery crisis, President Vucic says
Serbia has a week to resolve NIS refinery crisis, President Vucic says
Nov 16, 2025
BELGRADE, Nov 16 (Reuters) - Serbia has seven days to decide on steps to safeguard fuel supplies from the Serbian refinery of Russian-owned NIS without nationalisation, President Aleksandar Vucic said on Sunday. Washington is seeking complete Russian divestment from NIS, which operates Serbia's only refinery, and on Saturday gave the company's owners three months to find a buyer. Banks have...
Boeing says partnership for T-7 trainer export bid imminent
Boeing says partnership for T-7 trainer export bid imminent
Nov 16, 2025
DUBAI, Nov 16 (Reuters) - Boeing ( BA ) is close to announcing a partnership to bid for an international sales opportunity for its T-7 trainer, company executives said on Sunday, highlighting fast-growing demand for lightweight military training jets. Reuters reported in July that Boeing ( BA ) and Sweden's Saab were in talks with Britain's BAE Systems on teaming...
ASML CEO says Dutch-China tension has not hit chip-gear maker
ASML CEO says Dutch-China tension has not hit chip-gear maker
Nov 16, 2025
AMSTERDAM, Nov 16 (Reuters) - ASML's CEO said the Dutch chip-gear maker has not been affected by tensions between The Netherlands and China over the Dutch government's takeover of chipmaker Nexperia. It will not affect our business in the short term, ASML CEO Christophe Fouquet said in a Dutch television interview, adding he believes the worst of the crisis is...
Russia's Novorossiysk port resumes oil loadings, sources say and LSEG data shows
Russia's Novorossiysk port resumes oil loadings, sources say and LSEG data shows
Nov 16, 2025
MOSCOW, Nov 16 (Reuters) - Russia's Novorossiysk port resumed oil loadings on Sunday after a two-day suspension, two industry sources said and LSEG data showed. According to LSEG data, two tankers - the Suezmax class Arlan and Aframax class Rodos - are currently loading oil at the port's berths. Russia's Black Sea port of Novorossiysk halted oil exports on Friday...
Copyright 2023-2026 - www.financetom.com All Rights Reserved