Mali Seizes Over $100M in Gold from Barrick Amid Political Power Grab and Mounting Instability
Mali Confiscates $117M in Barrick Gold Days After Junta Leader Extends Indefinite Rule
Mali’s military government has seized more than a ton of gold from Canadian mining giant Barrick, just days after junta leader Colonel Assimi Goïta signed a controversial law granting himself an indefinite presidential mandate.
According to a statement from Toronto-based Barrick Gold, state helicopters arrived “unannounced” and removed approximately 35,000 ounces of bullion—worth about $117 million, based on Friday’s gold price of $3,324 per ounce.
The company said the gold was potentially taken for sale by Mali’s provisional administration, though the exact purpose remains unclear and the situation is still developing.
The seizure comes amid a broader trend across West Africa, where military-led governments have increasingly taken control of foreign-owned mineral assets.
Just last month, Niger’s junta nationalized a uranium mine owned by French firm Orano, and Emirates Global Aluminium recently accused Guinea’s government of illegally terminating a major agreement.
“Gold remains Mali’s main source of foreign exchange, so securing revenue from it—whether or not Barrick is involved—is strategically important,” said Jeremiah Enoch, strategy and risk adviser at London-based J.S. Held.
“The broader context suggests the proceeds may be used to address urgent fiscal and security priorities.”
In 2023, Mali’s military regime—facing significant financial strain—demanded back payments from foreign investors and enforced a new mining code.
The updated law increased state royalties and gave the government larger stakes in mining ventures. Several gold miners, including Allied Gold and B2Gold, have since reached settlements with the state.
Meanwhile, Mali’s political situation has sharply deteriorated. Earlier this week, Goïta signed legislation granting himself a renewable five-year presidential term without requiring elections—a move that effectively scraps earlier promises to hold a democratic vote by 2027.
According to Agence France-Presse, the junta claims this rule will remain in place “until the country is pacified.”
Mali has been ruled by Goïta since 2021, after he led a second coup in less than a year, toppling the very transitional government he had helped install.
The country has faced ongoing instability for more than a decade, fueled by jihadist insurgencies linked to al-Qaeda and the Islamic State.
Despite Goïta’s military consolidation, violence has escalated. According to the Armed Conflict Location & Event Data Project (ACLED), attacks by Jama’at Nusrat al-Islam wal-Muslimin (JNIM) and the Islamic State Sahel Province have intensified in 2024, spreading closer to the borders with Benin and other coastal West African states.
The seizure of gold and Mali’s increasingly authoritarian direction raise questions about the future of foreign investment and stability in one of Africa’s top gold-producing nations.
