Barrick's Gold Mine in Mali Seized by Government Helicopters, $117 Million Worth of Gold Confiscated

Malian government helicopters seized over a tonne of gold worth $117.2 million from Barrick Mining Corp.'s Loulo-Gounkoto gold mine. The move marks an escalation in a dispute between the government and Toronto-based Barrick, which shuttered the mine earlier this year after Malian authorities blocked bullion exports and detained senior employees. Barrick remains committed to negotiating a resolution and pursuing international arbitration proceedings against the country.

The Malian government has escalated its dispute with Barrick Mining Corp. by seizing over a tonne of gold worth approximately $117.2 million from the company's Loulo-Gounkoto gold mine. This latest move marks a significant escalation in a long-running conflict between the West African country and the Toronto-based mining giant.

The seizure occurred when government helicopters landed unexpectedly at the Loulo-Gounkoto mine on Thursday, taking more than one tonne of gold [2]. The gold was reportedly seized for potential sale by the provisional administrator, although the exact fate of the metal remains uncertain. This seizure follows an earlier incident in January where the Malian government took three tonnes of gold from the mine's reserves [1].

The Loulo-Gounkoto mine, one of the world's largest gold complexes, has been under provisional administration since June, with a court ruling that the mine would be managed for six months by a government-appointed official instead of Barrick [1]. The mine has been largely dormant since January, with no mining activity taking place.

Barrick has maintained that the seizure of gold is part of an attempt by the Malian government to assert greater control over its natural resources. The company has accused the government of failing to pay hundreds of millions of dollars in taxes and has been pursuing international arbitration proceedings against the country [1].

Despite the ongoing dispute, Barrick remains committed to resolving the issue through legal means. The company's CEO, Mark Bristow, has stated that Barrick is not simply hoping for a favorable outcome but is pursuing resolution through the proper legal channels [2]. The company has also confirmed that it is moving ahead with international arbitration proceedings against the country, with a first hearing set to take place by the end of July [2].

The Loulo-Gounkoto mine has contributed significantly to the Malian economy, with the complex contributing around $1 billion in 2023 [1]. The mine's production was suspended in January following the seizure of gold shipments, and the company has been paying salaries while mining was on hold. However, contractors at the mine have not been paid, leading to layoffs and concerns about the mine's future.

The Malian government's move to seize gold from the Loulo-Gounkoto mine is part of a broader effort to assert greater control over its natural resources and increase revenues. The government has placed foreign mining companies under growing pressure, seeking to shore up revenues in the face of economic challenges and political instability.

References:
[1] https://www.bnnbloomberg.ca/markets/gold/2025/07/10/mali-selling-gold-from-mine-seized-from-canadian-firm/
[2] https://www.bloomberg.com/news/articles/2025-07-10/mali-helicopters-seize-117-million-of-gold-from-barrick-s-giant-mine