05:49 PM EST, 01/13/2025 (MT Newswires) -- (Updates with the Reuters report referencing the company's letter to the Malian government.)

Barrick Gold (GOLD) will have to suspend mining operations in Mali following the government's seizure of gold stocks from the company's Loulo-Gounkoto complex, Reuters reported Monday, citing a letter sent by the Canadian miner to the Malian government.

Authorities took nearly three metric tons of gold from the complex Saturday, the unnamed sources told the news agency, with one of the sources pegging the value of the gold at $245 million.

Following the seizure, Barrick is "obliged" to temporarily suspend mining operations at the Loulo and Gounkoto mines, Reuters reported, citing the company's letter. The seizure meant the gold was no longer covered by the company's insurance, Barrick reportedly said in the letter.

Barrick has been in a dispute with Mali's government since 2023 over a contract based on new mining rules.

The company did not immediately respond to a request for comment from MT Newswires.

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