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Russia Today
a day ago
- Business
- Russia Today
Mali refuses to free detained staff of Canadian company
A court in Mali has rejected a request for the conditional release of four employees of Barrick Mining Corporation, who have been detained since 2024 on accusations of money laundering and financing terrorism. The decision was announced on Tuesday by the company's lawyer, Alifa Habib Kone, according to Reuters. The Canadian mining giant has dismissed the allegations as baseless and filed an appeal challenging what it described as the employees' 'arbitrary' detention. However, Kone said Judge Samba Sarr deemed the petition 'unfounded.' Barrick, one of the world's largest gold producers, has operated in Mali for nearly three decades, but relations have deteriorated amid a dispute over alleged unpaid taxes and royalties. Tensions escalated in November when four local executives were detained and a warrant was issued for CEO Mark Bristow. Recent negotiations broke down after the Malian authorities demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan instead. Last month, Mali's military-led government temporarily stripped Barrick of control over operations at the Loulo-Gounkoto gold complex in the country's west. A court in Bamako ordered that management of the site be transferred to a state-appointed provisional administrator for a six-month period. Barrick denounced the ruling as illegal and a breach of its contractual agreements, and has filed a case against Mali with the World Bank's arbitration tribunal. According to Bloomberg, the authorities in the Sahel state seized around a ton of gold from the mine earlier this month, which the provisional administration is expected to sell to fund the site's operations. The Loulo-Gounkoto mines are 80% owned by Barrick and 20% by the Malian government. In 2023, the former French colony introduced a new mining code allowing the state to claim up to a 30% stake in new projects, as part of efforts to boost public revenues. In June, Mali's economy and finance minister, Alousseni Sanou, stated that a new agreement with Russia's Yadran Group to establish a gold refinery – 62% owned by the state – would help increase national income from bullion production.
Yahoo
a day ago
- Business
- Yahoo
Mali court dismisses Barrick's appeal to release four employees
A court in Mali has dismissed an appeal by Barrick Mining to free four employees detained since November last year, reported Reuters. According to Barrick, the employees, arrested on charges including money laundering and violating financial regulations, are facing baseless allegations. The rejection of the appeal by Judge Samba Sarr was confirmed by the company's lawyer, Alifa Habib Kone. Barrick Mining and the Mali Government have been engaged in a dispute over a new mining code since 2023. The code seeks to increase taxes and government stakes in gold mines including the Loulo-Gounkoto complex, which is 80% owned by Barrick. Tensions escalated with the suspension of operations and the seizure of Barrick's gold exports by the Malian authorities. The four Barrick employees have been held in pre-trial detention in Bamako, as stated on the company's website. Barrick has refuted the charges against its staff and continues to negotiate with Mali's military-run government. The standoff has significant implications, as Mali accounts for 14% of Barrick's gold production, with $949m (C$1.29bn) in revenue generated in the first nine months of the previous year. In addition to the detained employees, Mali issued an arrest warrant for Barrick CEO Mark Bristow, based in Toronto, last December for money laundering and financial regulation violations. This development occurs amidst a broader trend of gold-rich West African countries, led by military juntas, seeking to renegotiate mining agreements to capitalise on high gold prices. Last month, Barrick Mining excluded its Mali gold complex from its 2025 production forecast, as tensions rose following a two-year dispute over new mining legislation in Mali. "Mali court dismisses Barrick's appeal to release four employees" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Market Chatter: Malian Tax Authorities Reopen Barrick Mining's Office
Barrick Mining's (B) office in Bamako has been reopened by Malian tax authorities under a court-appo
Yahoo
2 days ago
- Business
- Yahoo
Mali court rejects appeal to release four Barrick employees, judge says
BAMAKO (Reuters) -A court in Mali on Tuesday rejected an appeal by Barrick Mining to release four employees arrested last November, judge Samba Sarr said, the latest development in a long-running standoff between the Canadian firm and the Mali government over taxes and ownership of mining operations in the country. The appeal by the company, which has dismissed the allegations against the four local employees as baseless, was determined by the judge to be "unfounded", said Alifa Habib Kone, a lawyer for Barrick. The employees face charges including money laundering and violation of other regulations, Kone said. Barrick has said it refutes the charges against its employees. Barrick and Mali's military-run government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the country's gold mines. Barrick owns 80% of the Loulo-Gounkoto mining complex in Mali and the government owns the rest. Operations have been suspended since mid-January after the government blocked Barrick's gold exports and seized three metric tons of its stocks. Malian authorities arrested the four employees in late November and they have been in pre-trial detention in Bamako, according to Barrick's website. Mali also issued an arrest warrant last December for Barrick CEO Mark Bristow who is based in Toronto. He is accused of money laundering and violating financial regulations, according to the warrant document. Governments in Mali, Burkina Faso and Niger - all led by juntas - are all seeking to renegotiate new terms with gold miners to gain a bigger share of mining revenue at a time when gold prices have soared. Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
Mali court rejects appeal to release four Barrick employees, judge says
BAMAKO, July 22 (Reuters) - A court in Mali on Tuesday rejected an appeal by Barrick Mining ( opens new tab to release four employees arrested last November, judge Samba Sarr said, the latest development in a long-running standoff between the Canadian firm and the Mali government over taxes and ownership of mining operations in the country. The appeal by the company, which has dismissed the allegations against the four local employees as baseless, was determined by the judge to be "unfounded", said Alifa Habib Kone, a lawyer for Barrick. The employees face charges including money laundering and violation of other regulations, Kone said. Barrick has said it refutes the charges against its employees. Barrick and Mali's military-run government have been in negotiations since 2023 over the implementation of a new mining code that raises taxes and gives the government a greater share in the country's gold mines. Barrick owns 80% of the Loulo-Gounkoto mining complex in Mali and the government owns the rest. Operations have been suspended since mid-January after the government blocked Barrick's gold exports and seized three metric tons of its stocks. Malian authorities arrested the four employees in late November and they have been in pre-trial detention in Bamako, according to Barrick's website. Mali also issued an arrest warrant last December for Barrick CEO Mark Bristow who is based in Toronto. He is accused of money laundering and violating financial regulations, according to the warrant document. Governments in Mali, Burkina Faso and Niger - all led by juntas - are all seeking to renegotiate new terms with gold miners to gain a bigger share of mining revenue at a time when gold prices have soared. Mali represents 14% of Barrick's gold output and the company generated $949 million in revenue from its operations there in the first nine months last year.
