Tuesday, June 17, 2025

Barrick Says It Opposes Mali Government’s Attempted Takeover Of Loulo-Gounkoto

Barrick Mining (TSX: ABX) in an announcement that is rather unsurprising to market followers, has stated this morning that it is opposed to Mali’s attempts to take over the day to day operations at Loulo-Gounkoto, Barrick’s mine in the country.

The comment by Barrick follows the Malian government on May 8 submitting a request to the courts that sought to impose provisional administration over the site. The mine on May 15 was provided the ability to formally respond to the filing, with submissions to the Bamako Commercial Tribunal reportedly made on May 22 by the Loulo and Gounkoto mines that oppose the provisional administration request.

A ruling on the matter is expected to be made by the President of the Tribunal on June 2.

The Malian government is currently seeking for the day to day operations to be handled by a court appointed interim administrator. The request follows the ongoing detainment of certain Barrick employees, with those detainments now stretching to over five months, alongside the blocking of gold exports from the complex.

Barrick in turn has been forced to suspend operations on site, while the company continues to pay wages and support operations on an ongoing basis in an effort to win over the support of locals. The company has said that the actions overall are unlawful, and without precedent or lawful justification.

While guidance for Loulo-Gounkoto has not been released as a result of the ongoing dispute with the Malian government, the complex last year produced a total of 578,000 ounces of gold on an attributable basis, at all in sustaining costs of $1,304 an ounce. The mine is the second largest operation within Barrick’s entire portfolio.

Barrick Mining last traded at $26.18 on the TSX.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Equinox Gold: Guidance Cut After Issues At Greenstone

Recommended

Power Metallic Secures Jabal Baudan Project In Saudi Arabia

NexGen Energy Receives Approval For Site Expansion At Rook I Project

Related News

Barrick Gold To Change Name To Barrick Mining, NYSE Symbol To Become “B”

Despite the massive run in the price of gold, Barrick Gold Corp (TSX: ABX) has...

Monday, April 28, 2025, 07:58:08 AM

Mali Court to Rule on Barrick Gold Mine Takeover May 22

A Mali court postponed until May 22 a hearing on whether to place Barrick Mining’s...

Friday, May 16, 2025, 10:01:09 AM

Barrick Mining Q1 Earnings: Where’s The Gold?

Ever wonder how a major becomes a major? Like, how did a management team manage...

Saturday, May 24, 2025, 03:25:00 PM

Japan Gold Launches Second Drill Program As Part Of Barrick Alliance

Japan Gold (TSXV: JG) has seen a second drill program get underway as part of...

Tuesday, June 10, 2025, 08:33:50 AM

Barrick’s Gold Output Falls 30%, Costs Surge 22% Despite Earnings Beat In Q1 2025

Barrick Mining (TSX: ABX) posted its Q1 2025 results, with revenue jumping to $3.13 billion,...

Wednesday, May 7, 2025, 09:35:00 AM