• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Investing

Why Malian government is shutting down Barrick’s Bamako office?

by April 15, 2025
written by April 15, 2025

In a recent escalation of the ongoing dispute between the Malian government and Canadian mining company Barrick Gold over mining revenues, authorities in Mali have taken the drastic step of shutting down Barrick Gold’s office in the capital city, Bamako.

The closure was due to alleged non-payment of taxes by Barrick Gold, Reuters quoted two sources as saying in a report. 

This move highlights the Malian government’s increasingly assertive stance in ensuring that mining companies operating within its borders fulfil their tax obligations and contribute their fair share to the country’s revenue.

The closure of Barrick Gold‘s office is likely to have significant implications for the company’s operations in Mali and could potentially lead to further disruptions in the mining sector. 

Ongoing dispute since 2023

The dispute between the Toronto-based mining company and the government of Mali has been ongoing since 2023. 

The disagreement centers around the implementation of Mali’s recently revised mining code. 

This new code grants the Malian government a larger share of the profits generated from the gold mine, a move that has been met with resistance from the Canadian mining company.

While governments seek to maximise their share of natural resource wealth, mining companies aim to protect their investments and ensure profitable operations.

Loulo-Gounkoto mine

The closure did not impact Barrick’s Loulo-Gounkoto mining complex in western Mali, which has been closed since mid-January.

However, staff in Bamako are unable to access the office building, according to one source.

On February 19 that Barrick had signed an agreement to end the dispute, which is awaiting approval from the Malian government, according to the report.

The two sides had been negotiating to resolve the dispute. The dispute is expected to be resolved as early as next week.

The operations at the Loulo-Gounkoto complex had been temporarily halted due to a governmental seizure of approximately three metric tons of gold stock in January. 

The government’s justification for this seizure was the company’s alleged failure to meet its tax obligations. 

It is important to note that this specific tax dispute is distinct from the one that resulted in the recent office closure, as indicated by one of the sources in the report.

Temporary transfers

The Malian government, which assumed control following a series of coups in 2020 and 2021, had implemented a blockade on Barrick’s gold exports starting from early November. 

This action severely impacted the company’s operations and financial stability, as it was unable to generate revenue from its gold mining activities. 

The blockade also strained the relationship between the company and the Malian government, potentially leading to further complications and disruptions in the future.

Around 40 Malian employees from the Loulo-Gounkoto complex are being transferred, at least temporarily, to Barrick’s Kibali mine in the Democratic Republic of Congo. 

This is only the first wave of transfers; a total of 100 Malian staff have been identified for relocation, which suggests that operations at the Loulo-Gounkoto complex are unlikely to restart in the near future.

The post Why Malian government is shutting down Barrick’s Bamako office? appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
How Wall Street banks cashed in on Trump’s tariff turbulence as market volatility boosted equity trading revenues
next post
Top Republican warns families of ‘largest tax hike in history’ next year if Trump budget fails

related articles

Asian markets open: Nikkei, Hang Seng fall on...

June 12, 2025

Aluminum and steel tariffs spark rise in secondary...

June 12, 2025

Airbus sees aviation boom ahead, global fleet to...

June 12, 2025

US-China trade talks and Washington’s decade-long effort to...

June 12, 2025

Europe markets open: Stoxx 600 dips as UK...

June 12, 2025

UK GDP falls by 0.3% in April as...

June 12, 2025

Gordon Brothers buys Poundland; pledges £80 mn for...

June 12, 2025

Air India plane crash: London-bound flight with 242...

June 12, 2025

Air India plane crash live update: Indian President...

June 12, 2025

Copper remains supported for now even as China...

June 12, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Biden Cabinet official poses for photo with one of Farrakhan’s ‘top soldiers’ at DNC

    August 26, 2024
  • Rubio teases details of potential Trump, Putin in-person meeting after Russia-Ukraine ceasefire talks stall

    May 18, 2025
  • Ken Griffin’s $44.6 million stegosaurus skeleton acquisition sets auction record

    July 18, 2024
  • Biden calls Trump immunity decision a ‘dangerous precedent’ in speech outlining radical SCOTUS changes

    July 29, 2024
  • Biden admin held private talks with Beijing on Chinese spy balloon ahead of notifying public, officials say

    April 9, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,602)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Wall Street expects Trump presidency will unlock deal-making

    November 8, 2024
  • Democrat accuses Trump administration of diverting ‘critical resources’ from fighting organized retail theft

    July 15, 2025
  • ‘Squad’ Dem applauds Biden for sparing murderers from ‘racist’ death penalty in 11th-hour clemency move

    December 23, 2024

Recent Posts

  • A Comprehensive Guide to Creating Crypto Wallet UK

    August 8, 2024
  • Key Republican calls for emergency funding to Israel amid worsening Iran conflict

    June 17, 2025
  • Iran becoming ‘much more aggressive’ in nuclear talks, Trump tells Fox News

    June 10, 2025

Editor’s Pick

  • ABOS Stock: Can Acumen’s Alzheimer’s Drug Boost the Stock?

    August 19, 2024
  • American consulate in Dominican Republic offering help to Iowa man held in missing student case

    March 18, 2025
  • Trump pardons former Hunter Biden business associate Devon Archer

    March 25, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock