Latest news with #ZoumanaMakadji
Business Insider
17-06-2025
- Business
- Business Insider
Mali to take over Canadian-owned Barrick Gold mine over tax dispute
A Malian court has ordered Barrick Gold's Loulo-Gounkoto gold mining complex to be placed under provisional administration for six months, as tensions escalate between the Canadian mining giant and Mali's military-led government over alleged unpaid taxes. A Malian court has placed Barrick Gold's Loulo-Gounkoto mining complex under provisional administration for six months. The tensions between Barrick Gold and Mali's government stem from allegations of unpaid taxes and inequitable contracts. Barrick has requested international arbitration to resolve disputes while Mali increases measures such as employee detentions. On Monday, Judge Issa Aguibou Diallo instructed that Zoumana Makadji, a chartered accountant and former Malian Minister of Health, be appointed as the provisional administrator within 15 days. This move effectively shifts operational control of one of Africa's most valuable mining assets to an external authority. Dispute over taxation and past agreements Barrick Gold, Africa's largest gold producer, has found itself at odds with Malian authorities, who accuse the company of owing significant unpaid taxes and of benefiting from lopsided contracts signed under previous administrations. In December, tensions peaked with the issuance of an arrest warrant for Barrick CEO Mark Bristow and the company's offer of a $370 million settlement to the government. " While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator," the company confirmed in a statement on its website. DON'T MISS THIS: International arbitration and escalations Barrick has since submitted an arbitration request to the International Centre for Settlement of Investment Disputes (ICSID) to resolve its differences with Mali concerning the Loulo-Gounkoto complex. However, rather than awaiting arbitration outcomes, the Malian government intensified its actions by detaining several Barrick employees and halting gold exports. The company, which has operated in Mali for three decades, insists it is still open to dialogue with authorities, stating it remains committed to "engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution." Employee detentions and rising pressure Barrick strongly condemned the ongoing detention of its employees, branding it "deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership." The company further criticised the Malian government's conduct, noting that "no credible rationale has been presented to justify this detention," and accused the government of using the detained staff as leverage in ongoing negotiations. Wider context: Mali's mining sector under strain Mali, a top gold producer on the African continent, is grappling with internal security issues and economic challenges. Since the military takeover in 2020, the transitional government has exerted increasing pressure on foreign mining operators to boost revenue collection. In a related case last November, the CEO of Australia-based Resolute Mining and two staff members were arrested in Bamako. Their release followed the payment of $80 million to the Malian government, with a further $80 million pledged.
17-06-2025
- Business
Mali takes control of Canadian-owned Barrick Gold mine over tax dispute
BAMAKO, Mali -- A judge in Mali on Monday ordered Barrick Gold's Loulo-Gounkoto gold complex to be placed under provisional administration for six months in an ongoing dispute between the Canadian mining company and the West African nation's military government over unpaid taxes. Zoumana Makadji, an accountant and a former Malian minister of health has been appointed as the company's provisional administrator within 15 days, Judge Issa Aguibou Diallo said in a statement to Barrick's lawyers. Barrick's website said the company is Africa's largest gold producer through its Loulo-Gounkoto complex and Kibali mine located in Congo. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick submitted a request for arbitration to the International Center for Settlement of Investment Disputes to address disagreements with Mali concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick, which has been present in Mali for three decades, emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' The company's statement on Monday added: "The ongoing detention of (our) employees — who remain unjustly imprisoned and used as leverage in this process — is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. 'To date, no credible rationale has been presented to justify this detention and the Government's position, and the Government's ever-increasing demands have lacked both factual and legal foundation.' Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months.
San Francisco Chronicle
17-06-2025
- Business
- San Francisco Chronicle
Mali takes control of Canadian-owned Barrick Gold mine over tax dispute
BAMAKO, Mali (AP) — A judge in Mali on Monday ordered Barrick Gold's Loulo-Gounkoto gold complex to be placed under provisional administration for six months in an ongoing dispute between the Canadian mining company and the West African nation's military government over unpaid taxes. Zoumana Makadji, an accountant and a former Malian minister of health has been appointed as the company's provisional administrator within 15 days, Judge Issa Aguibou Diallo said in a statement to Barrick's lawyers. Barrick's website said the company is Africa's largest gold producer through its Loulo-Gounkoto complex and Kibali mine located in Congo. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick submitted a request for arbitration to the International Center for Settlement of Investment Disputes to address disagreements with Mali concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick, which has been present in Mali for three decades, emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' The company's statement on Monday added: "The ongoing detention of (our) employees — who remain unjustly imprisoned and used as leverage in this process — is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. 'To date, no credible rationale has been presented to justify this detention and the Government's position, and the Government's ever-increasing demands have lacked both factual and legal foundation.' Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months.
The Independent
17-06-2025
- Business
- The Independent
Mali takes control of Canadian-owned Barrick Gold mine over tax dispute
A judge in Mali on Monday ordered Barrick Gold's Loulo-Gounkoto gold complex to be placed under provisional administration for six months in an ongoing dispute between the Canadian mining company and the West African nation's military government over unpaid taxes. Zoumana Makadji, an accountant and a former Malian minister of health has been appointed as the company's provisional administrator within 15 days, Judge Issa Aguibou Diallo said in a statement to Barrick's lawyers. Barrick's website said the company is Africa's largest gold producer through its Loulo-Gounkoto complex and Kibali mine located in Congo. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. In December, Barrick submitted a request for arbitration to the International Center for Settlement of Investment Disputes to address disagreements with Mali concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick, which has been present in Mali for three decades, emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' The company's statement on Monday added: "The ongoing detention of (our) employees — who remain unjustly imprisoned and used as leverage in this process — is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. 'To date, no credible rationale has been presented to justify this detention and the Government's position, and the Government's ever-increasing demands have lacked both factual and legal foundation.' Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months.
France 24
17-06-2025
- Business
- France 24
Mali junta takes control of Canadian-owned Barrick Gold mine amid tax dispute
A judge in Mali on Monday ordered Barrick Gold's Loulo-Gounkoto gold complex to be placed under provisional administration for six months in an ongoing dispute between the Canadian mining company and the West African nation's military government over unpaid taxes. Zoumana Makadji, an accountant and a former Malian minister of health has been appointed as the company's provisional administrator within 15 days, Judge Issa Aguibou Diallo said in a statement to Barrick's lawyers. Barrick is Africa's largest gold producer. The Loulo-Gounkoto complex and its Kibali mine – located in Congo – rank among the top 10 gold mines globally, according to the company's website. Barrick Gold has been in conflict with Mali's military rulers over alleged unpaid taxes and unfair contracts with past governments. The dispute culminated in an arrest warrant in December for Barrick CEO Mark Bristow and the company's offer to pay $370 million to the government. 'While Barrick's subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator,' Barrick said in a statement on its website following the ruling. 'National economic interests' A source representing the Mali government told AFP that the ruling 'protects national economic interests' and avoids 'the sudden closure of the mine in the absence of a revised agreement'. In December, Barrick submitted a request for arbitration to the International Center for Settlement of Investment Disputes to address disagreements with Mali concerning the Loulo-Gounkoto complex, where the mines are located. Despite this, the government took a series of escalatory measures, including the arrest of Barrick Gold employees, who remain detained, and the suspension of gold exports. Barrick, which has been present in Mali for three decades, emphasized that the arbitration process was still ongoing and reaffirmed its commitment to 'engaging with the government of Mali, in parallel, to identify a constructive, mutually acceptable solution.' Detained staff 'used as leverage' The company's statement on Monday added: 'The ongoing detention of (our) employees – who remain unjustly imprisoned and used as leverage in this process – is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. 'To date, no credible rationale has been presented to justify this detention and the Government's position, and the Government's ever-increasing demands have lacked both factual and legal foundation.' Mali is one of Africa's leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues. In November, the CEO of Australian company Resolute Mining and two employees were arrested in Bamako. They were released after the company paid $80 million to Malian authorities to resolve a tax dispute and promised to pay a further $80 million in the coming months.
