Canadian Gold Miner Seeks International Arbitration
(MENAFN) The Canadian mining corporation Barrick Mining has turned to the World Bank’s arbitration tribunal to resolve a legal conflict with the government of Mali.
A news agency reported on Friday that the company faces the potential loss of control over its gold mining operations in the West African nation.
This appeal was made to the International Centre for Settlement of Investment Disputes (ICSID) prior to a scheduled Malian court decision on June 2.
The court will consider the government’s request to place the mine under provisional management.
Barrick’s Loulo-Gounkoto gold mining complex, which produced close to 700,000 ounces in 2023, has been shut down since January. This followed Mali’s seizure of three tons of gold from the mine, citing allegations of unpaid taxes—an accusation that Barrick disputes.
According to documents available on the ICSID website, Barrick is seeking “provisional measures” aimed at halting any further interventions by Mali’s military government that might worsen the situation.
Once a French colony, Mali ranks among Africa’s leading gold producers. The Loulo-Gounkoto operations, majority-owned by Barrick at 80 percent with the Malian state holding the remaining 20 percent, are significant contributors to this status.
Since a coup brought a new government to power in 2020, the military rulers in Bamako have pushed for increased revenue from the gold sector to support state finances amid rising gold prices.
In 2023, Mali introduced a new mining law that permits the military regime to acquire up to a 30 percent stake in future mining projects.
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