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Mali starts seizing gold stocks at Barrick site, company memo says
By Fadimata Kontao and Portia Crowe
Reuters
Monday, January 13, 2025
Mali's government has begun enforcing a provisional order to seize gold stock at Barrick Gold's Loulo-Gounkoto site, the Canadian miner said in a note to Malian staff, warning again that it may have to suspend operations at the complex.
The move suggests that Mali's military-led authorities are not ready to back down in a standoff over a contract based on new mining rules as they push for a greater share of revenues from Western miners.
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"A provisional order to seize our existing gold stock was issued last week and the Malian government began its enforcement on Jan. 11," Barrick said in the staff memo.
Two Barrick employees in Mali and a consultant working for mining companies confirmed the authenticity of the letter seen by Reuters. Speaking on condition of anonymity, the employees said it was sent to staff on Sunday.
Barrick has not said what volume of gold is at risk, but one of the employees said Loulo-Gounkoto's stock was around 4 metric tons, citing internal estimates. This amounts to nearly $380 million, based on spot gold prices today. ...
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