- Barrick Gold (TSX:ABX) confirmed that four employees at its Loulo-Gounkoto mining complex in Mali have been charged and detained pending trial
- The Canadian gold mining giant has refuted the charges, though the specifics of the allegations have not been disclosed
- The arrests come amid increasing pressure on mining companies in Mali, as the military-led government seeks to extract more revenue from the sector.
- Shares of Barrick Gold Corp. (TSX:ABX) last traded at C$24.71
Barrick Gold (TSX:ABX) confirmed that four employees at its Loulo-Gounkoto mining complex in Mali have been charged and detained pending trial.
The Canadian gold mining giant has refuted the charges, though the specifics of the allegations have not been disclosed.
This development follows a similar incident in September when the same employees were detained for several days. The arrests come amid increasing pressure on mining companies in Mali, as the military-led government seeks to extract more revenue from the sector.
Barrick Gold has expressed its commitment to resolving the dispute through continued engagement with the Malian government. The company aims to reach an amicable settlement that would ensure the long-term sustainability of the Loulo-Gounkoto complex.
Mark Bristow, Barrick’s president and chief executive officer, stated in a news release that the company has been actively working to finalize a memorandum of agreement with the Malian government. This agreement is intended to outline the future partnership between Barrick and the state, including the distribution of economic benefits generated by the mining operations.
“Our attempts to find a mutually acceptable resolution have so far been unsuccessful, but we remain committed to engaging with the government to resolve all claims and secure the early release of our unjustly imprisoned colleagues,” he said.
The situation highlights the broader challenges faced by foreign mining companies operating in Mali, where the government is intensifying efforts to increase its share of mining revenues.
Just over a month ago, the Toronto-based miner had denied Malian Ministry of Mines and the Ministry of Finance allegations, asserting that it has not fulfilled its commitments.
Barrick Gold is the world’s second-largest gold producer with ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States.
Shares of Barrick Gold Corp. (TSX:ABX) last traded at C$24.71. Year-to-date, Barrick Gold stock has risen 2.99 per cent.
Join the discussion: Find out what everybody’s saying about this stock on the Barrick Gold Corp. Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of Barrick-labelled dump truck: Barrick Gold.)