financetom
Business
financetom
/
Business
/
Exclusive-Mali military helicopter airlifts gold from Barrick-owned Loulo-Gounkoto
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exclusive-Mali military helicopter airlifts gold from Barrick-owned Loulo-Gounkoto
Jul 10, 2025 1:25 PM

DAKAR/TORONTO (Reuters) -A Malian military helicopter airlifted gold from the Barrick-owned Loulo-Gounkoto complex on Thursday, three sources said, days after Reuters reported that a court-appointed administrator planned to sell the site's bullion to finance operations.

A Bamako court last month appointed a provisional administrator to restart operations at the West African country's largest gold mining site, nearly six months after Barrick Mining ( B ) suspended them amid tense negotiations over the implementation of a new mining code.

Barrick said it was forced to suspend operations in mid-January after Mali's military-led government blocked its exports for two months, detained some of its executives and seized three tons of bullion. It also launched arbitration at the World Bank to try to resolve the dispute.

On Thursday morning, a brown and green helicopter touched down at the site's tree-lined landing strip. Its passengers were escorted by the mine's security team to the plant, where the gold room is located, the first source said.

The helicopter took off some five hours later with the bullion on board.

"Any plan by the provisional administrator to restart operations or sell gold from the site would be not only illegitimate but also ill-advised," Barrick said in a statement on Thursday.

One ton of gold - worth about $107 million - had remained in the site's storeroom since January, when three tons of gold were removed to be stored in a bank vault on the orders of a Malian judge, the first source said.

The full ton was taken on Thursday, the second source said.

The provisional administrator, former health minister Soumana Makadji, has said he plans to finance the mine's operations by selling gold, the first and third sources and a fourth person said. 

The first three sources said the airlifted gold would be sold for this purpose.

While drilling and other extractive activities have not yet begun, operations at the site's plant - which processes ore stocks into gold - restarted on Monday, the third and fourth sources and another person said.

According to internal estimates seen by Reuters, it will take between 11 and 13 days from the restart of the plant to the production of the first gold bars.

Spokespeople for Mali's mines ministry did not immediately respond to requests for comment. Makadji could not be reached for comment.

Barrick and Mali's government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the gold mines.

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 >
Schwab Charles Insider Sold Shares Worth $889,295, According to a Recent SEC Filing
Schwab Charles Insider Sold Shares Worth $889,295, According to a Recent SEC Filing
May 26, 2025
04:09 PM EDT, 05/23/2025 (MT Newswires) -- Peter J. Morgan III, General Counsel, on May 22, 2025, sold 10,176 shares in Schwab Charles (SCHW) for $889,295. Following the Form 4 filing with the SEC, Morgan has control over a total of 601 common shares of the company, with 601 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/316709/000179291025000006/xslF345X05/wk-form4_1748030640.xml ...
Looking At Uber Technologies's Recent Unusual Options Activity
Looking At Uber Technologies's Recent Unusual Options Activity
May 26, 2025
Investors with a lot of money to spend have taken a bearish stance on Uber Technologies ( UBER ) . And retail traders should know. We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga. Whether these are institutions or just wealthy individuals, we don't know. But when something this...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Chile's ENAMI says lithium venture with Rio Tinto to start production in 2032
Chile's ENAMI says lithium venture with Rio Tinto to start production in 2032
May 26, 2025
SANTIAGO, May 23 (Reuters) - Chile's state-run mining firm ENAMI aims for its new Rio Tinto lithium partnership at Altoandinos to begin production in 2032 with 35,000 metric tons of the battery metal per year, and ramp up over three years to 75,000 tons, ENAMI company chief Ivan Mlynarz said on Friday. Speaking in an interview in Santiago, he added...
Copyright 2023-2026 - www.financetom.com All Rights Reserved