MiningProjects

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

Barrick Gold Corp (ABX.TO) and the Malian government have agreed to work toward resolving disputes and claims related to the Loulo and Gounkoto gold mines in Mali, according to a statement released by Barrick on Monday. This announcement follows the arrest of four Barrick employees by Malian authorities two days earlier.

The two sides are in discussions over a new mining contract that would give Mali’s military-led government increased control over the country’s resources. As one of Africa’s largest gold producers, Mali plays a crucial role in Barrick’s operations.

Barrick stated that the terms of the settlement will be disclosed once finalized. Shares of the company fell by 2% on the Toronto Stock Exchange at 2:16 p.m. ET (1816 GMT).

“The current negotiations have been challenging, but we are encouraged by the government’s recognition of the importance of maintaining the long-term viability of the Loulo-Gounkoto complex as a significant contributor to Mali’s economy,” said Barrick CEO Mark Bristow.

Malian authorities were not immediately available for comment. Barrick previously reported in July that it had invested over $10 billion in Mali’s economy over the past 29 years.

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