Mali's military helicopter airlifts $117 million worth of gold from Barrick's mine amidst tension

Business Insider

5 days ago

Malian military helicopters made an unannounced landing at Barrick Gold Corp.'s mine on Thursday and seized over a metric ton of gold, the company said.
Malian military helicopters seized over a metric ton of gold at a Barrick Gold Corp. mine in an unannounced operation.
Mali's actions are part of broader trends in the Sahel region, where resource control by military governments is increasing.
The confiscation follows actions to fund operations through gold sales amidst disputes over mining profits and regulations.
Malian military helicopters made an unannounced landing at Barrick Gold Corp.'s mine on Thursday and seized over a metric ton of gold, the company said.
On Thursday morning, a brown-and-green military helicopter landed at the Loulo-Gounkoto gold mine's tree-lined airstrip, according to a source familiar with the matter. The passengers were escorted by the mine's security team to the processing plant, where the gold room is located.
Roughly five hours later, the helicopter departed with gold bullion on board, a source told Reuters.
Barrick said the helicopters landed 'unannounced' and seized over one metric ton of gold, roughly 2,204 pounds, potentially for sale by the court-appointed administrator. However, the company noted that the situation remains fluid, and the final intent is still unclear.
One metric ton of gold was worth approximately $117.2 million on Thursday, based on gold prices trading around $3,324 per ounce, Bloomberg reported.
Earlier in January, Business Insider Africa reported that the Malian government confiscated three metric tons of gold from the Loulo-Gounkoto mine, with sources estimating the value of the seized bullion at approximately $245 million.
Growing tensions
These developments have further escalated tensions in Mali's mining sector, where the government has been tightening its grip and pushing for a larger share of profits from resource extraction.
The standoff dates back to 2023 when Mali's cash-strapped military regime began demanding that foreign investors pay alleged back taxes and comply with a new mining code granting the state greater royalties and increased equity in joint ventures.
The conflict has since deepened, with authorities detaining senior executives from Barrick and even issuing an arrest warrant for the company's CEO, Mark Bristow.
While Barrick's dispute remains unresolved, other major gold miners operating in Mali, including B2Gold Corp., have reached settlements involving state payments and higher royalty rates.
Tensions in Mali's mining sector mirror a broader trend across the Sahel, where military governments are asserting control.
In neighbouring Burkina Faso, the junta has threatened to revoke mining permits, while in Niger, authorities recently seized a French-operated uranium site, moves that have alarmed Western mining companies.