Mali Court Returns $400M Gold to Barrick

A judge in Mali has ordered the immediate return of three metric tonnes of gold to the Canadian firm Barrick Mining.

This ruling marks a major step in resolving a high-stakes dispute between the mining giant and the military-led government.

Authorities confiscated the gold, valued at approximately $400 million, in January. They seized the bullion from the company’s Loulo-Gounkoto complex.

In a dramatic operation, officials used military helicopters to transport the gold. Since then, it has reportedly been stored in a secure bank vault in Bamako, the capital.

The Settlement Deal

This court order follows a comprehensive agreement reached last month. The deal concludes two years of tense negotiations regarding Mali’s new mining code. The military government introduced this code to increase the state’s share of revenues from the extractive sector.

Under the terms of the new deal, both parties made significant concessions:

• Financial Settlement: Barrick agreed to pay $437 million to the Malian government.
• Legal Action: The company will withdraw its arbitration claims against the state.
• Criminal Charges: In exchange, the government will drop all charges against the company.

Furthermore, authorities have released four Barrick employees as part of the reconciliation. They had been detained since November of last year.

Restoring Operations at Loulo-Gounkoto

Barrick is Mali’s leading gold operator. Previously, the company suspended some activities at the site, arguing that the seizure violated existing contracts.

Now, control of the Loulo-Gounkoto complex will transition back to the company. A provisional administrator was appointed in January to oversee the facility. He is scheduled to hand over full operational control to Barrick next week.

Critical Economic Context

This resolution is vital for Mali’s economy. Gold production acts as a financial pillar for the nation. In fact, it accounts for more than 70 percent of the country’s total exports. Therefore, stabilizing operations at Loulo-Gounkoto will secure essential revenue streams for the state.

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