Barrick Faces Prolonged Mali Dispute as Gold Seizure and Employee Arrests Weigh on Operations
Barrick Mining is spending $15 million a month to maintain its Mali operations amid an ongoing dispute with the country’s government over taxes and a controversial gold seizure, CEO Mark Bristow said on Wednesday.
In an interview, Bristow revealed that the Malian government has reneged on three separate agreements to resolve a tax disagreement and criticized the detention of four Barrick employees as a violation of human rights.
“You have four executives from a Western company incarcerated—this can only be described as human rights abuse,” Bristow said. “These individuals have done more for Mali than those currently negotiating on behalf of the government.”
He added that Barrick has no clarity on the whereabouts of the 3 tonnes of confiscated gold, valued at approximately $318 million, which authorities claim is in secure custody.
The dispute, ongoing for over six months, centers around Barrick’s Loulo-Gounkoto complex—its largest mine in Mali. Following the gold seizure and employee arrests in January, Barrick was forced to suspend operations at the site, contributing to a significant dip in production.
Despite this, Barrick posted better-than-expected first-quarter earnings on the back of soaring gold prices. The average realized price for the quarter was $2,898 per ounce, up from $2,075 in the same period last year.
However, total gold output dropped to 758,000 ounces from 940,000 ounces, with Loulo-Gounkoto excluded from its 2025 production forecast of 3.15 to 3.50 million ounces.
The company reported all-in sustaining costs rising 20.4% to $1,775 per ounce, but expects costs to decline as production increases later in the year. Adjusted earnings reached 35 cents per share, beating analysts’ expectations of 28 cents, according to LSEG.
When asked about a potential sale of the Mali asset, Bristow noted the mine’s complexity and geopolitical challenges. “It’s one of the biggest mines in the world—very complex—and few are willing to enter Mali,” he said.
Bristow, who has led operations in conflict-prone regions such as Pakistan and Papua New Guinea, said he plans to remain in his role until at least 2028. However, Barrick’s board has initiated a succession plan, which will be disclosed in due course.
As part of its global portfolio review, Barrick also confirmed it is proceeding with plans to divest its Tongon mine in Côte d’Ivoire and its Hemlo operation in Canada.
