The Malian government has issued an arrest warrant for Barrick Gold’s CEO, Mark Bristow, accusing him of money laundering and violations of financial regulations. The warrant comes amid ongoing tensions between Mali and foreign mining firms as the country intensifies efforts to secure more revenue from its natural resources.
This development follows the arrest of four employees from Barrick’s Loulo-Gounkoto mining complex last month. Barrick, when asked about the situation, indicated that it would not comment on the reported arrest warrant.
Mali is currently demanding approximately $500 million in unpaid taxes from Barrick. The government has been targeting foreign mining companies, including Barrick and Australia’s Resolute Mining, for alleged tax discrepancies. In October, Resolute Mining settled a similar dispute by paying $160 million, leading to the release of its CEO, Terry Holohan, and two other employees.
Mark Bristow previously noted that Barrick has been working with the Malian government since September 30 to finalize a memorandum of agreement. The proposed deal would define the government’s share of the economic benefits from the Loulo-Gounkoto mining complex and establish the legal framework for managing these benefits. However, Bristow acknowledged that negotiations have yet to yield a resolution. He reiterated the company’s commitment to finding a mutually acceptable solution, stating that Barrick remains open to dialogue to address the claims against both the company and its staff.
The Malian government’s approach reflects a broader trend, as it seeks to bolster revenue in the face of international sanctions and the loss of Western aid. Barrick, like other mining companies, has faced increased scrutiny as authorities crack down on perceived financial irregularities within the sector.
Barrick’s financial performance has also been impacted, with its stock falling 3% in midday trading in New York and declining by over 15% in the fourth quarter. The company’s market capitalization currently stands at approximately $29.5 billion.
This escalating standoff highlights the growing challenges faced by international mining firms operating in Mali as the government tightens its grip on the sector.
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