The decision is made in the midst of increased tensions following the six-month state management of Barrick’s Loulo–Gounkoto gold mining complex by Mali’s military junta.
According to Alifa Habib Kone, a lawyer for Barrick, the judge found the company’s appeal, which discounted the allegations against the four local employees as baseless, to be “unfounded”.
The seizure is part of a larger dispute that was brought on by Mali’s new 2023 mining code, which raised mining royalties and increased the state’s equity share.
Barrick opposes these measures, pointing to legally binding agreements already in place.
Barrick’s operations at Loulo-Gounkoto have been halted since January 2025, when Malian authorities banned gold exports and seized approximately three metric tonnes of the company’s gold bullion.
In mid-July, state helicopters retrieved an additional one metric tonne of gold worth an estimated US$117 million, possibly for selling to support mine operations under state control.
Mali’s assertive posture reflects a growing movement among West African military governments (e.g., Burkina Faso, Niger, Guinea, DRC) to renegotiate mining terms, tighten exports, and gain greater control over critical resources.
Barrick criminal conspiracy in the Sahel
The four Barrick employees have been in prison in Bamako since their arrest by Malian police in November last year.
Additionally, in December 2024, Mali issued an arrest warrant for Barrick CEO Mark Bristow, accusing him of money laundering and financial misconduct
The warrant document alleges that he violated financial regulations and is accused of money laundering.
Concerning the recent surge in gold prices, the junta-led governments of Mali, Burkina Faso, and Niger are attempting to renegotiate new terms with gold miners to increase their share of mining profits.
Barrick’s operations in Mali produced $949 million in revenue in the first nine months of last year, accounting for 14% of the company’s gold output, as seen on Reuters.
Also in November, 2024, Australia’s Resolute Mining reported that the Malian government freed its CEO, Terence Holohan, and two other workers, who were imprisoned earlier this month.
The CEO and executives were held in Bamako, Mali’s capital, for conversations with mining and tax officials over the company’s business operations, according to earlier statements.
The miner agreed to pay the Malian government $160 million to settle the tax issue.
