Mali Court Rejects Barrick’s Appeal in Ongoing Dispute Over Mining Operations

A court in Mali on Tuesday dismissed an appeal by Canadian mining giant Barrick Gold Corporation (ABX.TO) seeking the release of four local employees detained since November 2023. The decision, confirmed by Judge Samba Sarr, marks the latest development in a protracted legal and regulatory standoff between the company and Mali’s military-led government.

According to Alifa Habib Koné, legal counsel for Barrick, the court deemed the company’s appeal “unfounded.” The four employees are facing serious charges including money laundering and violations of financial and regulatory laws. Barrick, however, has strongly denied the allegations, maintaining that the arrests are baseless and politically motivated.

The dispute stems from ongoing tensions surrounding the implementation of Mali’s revised mining code introduced in 2023. The new legislation increases government taxation and expands state ownership stakes in mining ventures. Barrick, which holds an 80% stake in the Loulo-Gounkoto gold mining complex, has been engaged in high-level negotiations with Malian authorities over the law's application. The government owns the remaining 20% of the project.

Operations at Loulo-Gounkoto have remained suspended since mid-January 2025, following the government's decision to block Barrick’s gold exports and seize approximately three metric tons of refined gold. The four employees have remained in pre-trial detention in Bamako since their arrest late last year.

Further intensifying the conflict, Mali’s government issued an arrest warrant in December 2024 for Barrick CEO Mark Bristow, who is based in Toronto. The warrant cites charges of money laundering and violations of Mali’s financial laws.

The situation reflects a broader regional trend, as military governments in Mali, Burkina Faso, and Niger move to assert greater control over natural resource sectors. With gold prices reaching record highs, these countries are seeking to renegotiate existing agreements in pursuit of a larger share of mining revenues.

Mali currently accounts for 14% of Barrick’s global gold output. The company reported $949 million in revenue from its Malian operations in the first nine months of 2024.