Mali Seeks $512 Million In Taxes And Dividends From Barrick Gold

Mali’s military government is demanding at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold (TSX: ABX), according to multiple sources familiar with the matter. This move is part of Mali’s broader push to increase revenue from mining companies operating in the country.

The demand follows an audit of mining contracts last year and Mali’s efforts to renegotiate existing agreements with mining firms. Under a new mining code, Malian state and private interests in projects could increase to 35% from the current 20%.

Barrick, which operates the Loulo-Gounkoto mines in western Mali with an 80% stake, has reportedly been presented with a bill for at least 300 billion CFA. Sources indicate that the bill primarily covers retroactive tax adjustments and unpaid dividends from 2020 to 2022.

READ: Barrick Gold Suspends Operations at Porgera Mine Amid Escalating Tribal Violence

Tensions between Barrick and the Malian government have been escalating. In September, four Malian staff working for Barrick were briefly detained. On September 30, Barrick announced an agreement with the government to resolve existing claims and disputes, however details were not released to the public.

Barrick’s 2023 annual report mentioned tax collection notices of around $417 million received in November 2023, which the company described as “without merit”. The discrepancy between this figure and the $512 million cited by sources is presumably a result of continued production from the mine.


Information for this story was found via Reuters and the sources 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.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Military Seizes Power in Madagascar After President Flees

Related News

Tensions Mount at Barrick Gold Subsidiary in Tanzania

The North Mara gold mine in Tanzania, operated by a subsidiary of Barrick Gold Corporation...

Monday, January 6, 2025, 03:55:00 PM

BMO Reiterates US$34.50 Price Target On Barrick Gold Following Investor Day

This past week, BMO Capital Markets came out with a note on Barrick Gold’s (TSX:...

Saturday, November 28, 2020, 01:43:00 PM

Barrick Gold Reaches Agreement To Settle Problems In Mali

Barrick Gold (TSX: ABX) has reportedly reached a new agreement with the Malian government, potentially...

Friday, February 21, 2025, 02:15:00 PM

Barrick Gold Considers Leaving Canada For The U.S.

Barrick Gold (TSX: ABX), one of Canada’s largest mining companies, is contemplating a move to...

Friday, February 14, 2025, 09:26:51 AM

Mali Arrests Four More Mining Executives In Intensified Government Crackdown

Mali’s military-led government continues to escalate its pressure on foreign mining companies, detaining executives and...

Wednesday, November 27, 2024, 10:08:00 AM