Barrick Gold Corp and the Malian government have agreed to seek a resolution to ongoing claims and disputes regarding the Loulo and Gounkoto gold mines, the company announced on Monday.
This decision follows the recent arrest of four Barrick employees by the Malian government. The two parties have been engaged in negotiations over a new mining contract that would grant Mali’s military-led authorities greater control over the country’s resources. As one of Africa’s largest gold producers, Mali’s mining sector plays a crucial role in its economy.
Barrick stated that the details of the forthcoming agreement will be disclosed once the terms are finalized. Following the announcement, Barrick’s shares fell by 2% on the Toronto Stock Exchange at 2:16 p.m. ET (1816 GMT).
CEO Mark Bristow commented, “The current negotiations have proved challenging, but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy.”
The Malian government was not immediately available for comment. In July, Barrick reported that it had invested over $10 billion in the Malian economy over the past 29 years.
