Phemex tweeted about a thread on EURR knowledge before a gold stacking event.

Phemex tweeted about a thread on EURR knowledge before a gold stacking event.

Barrick Mining Corp. (NYSE: GOLD) reported a $1.04 billion charge tied to the seizure of its Loulo-Gounkoto gold complex by Mali’s military junta. The incident, which occurred in July, led to the company deconsolidating the operation following a change of control. Despite the setback, Barrick’s shares have risen 50% this year, driven by surging gold prices [1].

The seizure reflects ongoing tensions between Barrick and Malian authorities over alleged unpaid taxes and skewed contracts struck under previous governments. The company has been engaged in negotiations with Malian authorities, with Chief Executive Officer Mark Bristow expressing optimism about finding a resolution. However, the current situation at the site remains unclear, with gold production and sales potentially halted [1].

Barrick’s Mali crisis has not significantly impacted the company’s overall financial performance. The $1.04 billion charge was partly offset by a $745 million gain from the sale of its 50% stake in Alaska’s Donlin Gold project [1]. The company continues to benefit from the gold rally, with prices reaching a record $3,500 an ounce in April [1].

References:
[1] https://africa.businessinsider.com/local/markets/mali-mine-seizure-deals-dollar1-billion-blow-to-worlds-second-largest-gold-producer/mm20kt6