Mali helicopters land at Barrick mine, leave with $117 million of gold
** This story has been further developed here to include Barrick’s reaction and timeline of events **
Malian government helicopters landed unexpectedly at Barrick Mining Corp.’s gold mine on Thursday and seized more than a metric ton of the precious metal, according to the company.
The move marks another escalation in a protracted dispute between the West African country’s government and Toronto-based Barrick, which shuttered its giant Loulo-Gounkoto gold mining complex earlier this year after Malian authorities blocked bullion exports and detained senior employees.
The helicopters landed “unannounced” and took more than one metric ton of gold — equivalent to about 2,204 pounds — “potentially for sale by the provisional administration — though that remains to be seen and the situation is evolving,” Barrick said.
One metric ton of gold is worth about $117.2 million on Thursday, with gold trading around $3,324 an ounce.
The gold seized was in addition to three metric tons of gold the Malian government took in January. Barrick, one of the world’s biggest gold producers, says the government still hasn’t communicated the fate of that metal.
Mali last month said a temporary administrator would restart production at the Loulo-Gounkoto complex, which was put under provisional administration earlier in June.
An email to the Malian government’s mining ministry was not immediately answered.
The troubles began in 2023 when Mali’s cash-strapped military regime demanded foreign investors make payments for alleged back taxes and adhere to a new mining law granting the state higher royalties and bigger stakes in joint ventures. The owners of other gold mines in the country, including Allied Gold Corp. and B2Gold Corp., have reached settlements.
Barrick remains committed to negotiating a resolution to the dispute and staying in Mali, Barrick’s chief executive officer Mark Bristow said Thursday in a letter published on the company’s website. The firm said it’s moving ahead with international arbitration proceedings against the country, with a first hearing set to take place by the end of July.
“We are not simply hoping for a favorable outcome — we are pursuing resolution through the proper legal channels that the government of Mali agreed to in our mining conventions,” Bristow said.
(By Jacob Lorinc)
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76 Comments
Anthony J Hartnell
Sounds like the perfect script for a movie!
SHARAF JAMA
MALI OWNS THE GOLD ….!!!
THEY DECISION IS THEIR’S….SIMPLE
TIME IS UP FIR AFRICAN COUNTRIES EXPLOITATION….!!!
BARRICK GOLD….MUST PAY BACK WHAT IT OWES TO THE PEOPLE OF A
MALI 🇲🇱 🇲🇱 🇲🇱 THAT’S SIMPLE
Erhoff Berger
Sure, the gold is Mali’s, but agreements must be honored. A military junta uses the gold to oppress the people of Mali
Georgia Allen
Roles change with time.If you feel the agreement was corrupt it should be revised.See America first policy.The making government is just putting Mali first.
Lloyd Mavakise
It’s nonsensical for foreign companies to operate as usual to the disadvantage of the owners or citizens
Ed Larson
No they do not. When you make predatory deals with corrupt governments, expect to be held accountable at some point for your betrayal of humanity.
Nabil
You mean exploitative agreements. NO! Mali should confiscate ALL the gold extracted from Malian land.
MALIisDUMB
Sure, will be a nice windfall, but nobody will ever invest in that shithole ever again and it will revert to abject poverty. Don’t send it all in one place, it will be gone soon.
Lindokuhle Khuzwayo
Thats a excuse for further exploitation, why would you honour an agreement that disadvantages and empoverishes your Nation but enriches foreign investors? This is the crap we heare from desperate white elitist who want to gut Africa’s Wealth.
SD
Agreements made by corrupt leaders who barter away a country’s gold in lieu of personal gratification need not be honoured. At least this Malian govt is redrawing contracts. Most countries would nationalised these mines and send these exploiters packing….
Olaniyi Oshiyemi
Say the looter benefactors
Ernest
That is all u know.Stop de lies.The military does not use it to suppress de people but rather to enrich de whole country whereas u are exploiting de whole country.Mine gold in canada nd pay pittance to canada nd see if the canadian govt will agree to it.Africa’s eyes are now wide open nd no amount of propaganda will change their minds.Leave africa for africans nd stay in ur country if u feel they are not treating u right.
Bennett Benedict. Le Guma.
If u feel aggrieved, why not pack up nd leave. Just asking..?
Tim Graham
So why didn’t you mine it yourselves?
Ed Larson
You know very well why they didn’t mine it themselves or you are a monumental idiot. Africans will no longer tolerate the willful stupidity of their white overlords. Mali has been a colony for centuries. They are now taking control and you want to behave as though they’ve been in control all this time. We’ll that won’t fly.
Lloyd Mavakise
Leave it ,Mali will mine it.Africans are getting wiser.Confiscate all gold for the people of Mali
Corey Coolwine
Ya, Africans will put their 8 year old children in the mines
Jeff
Dear Sharaf Jamal, the Mali govt. Is behaving in a most corrupt manner. If they don’t like the deal they should not have agreed. Maybe the Mali govt/ military can start begging for other investors. Mali needs to act more professionally.
Munir
Then why did they sell the mining rights to Barrick? A country like Mali does not have the immense capital to construct a mine. So they sell certain percentage of rights to a company like Barrick. The people of Mali benefit from the profits and the jobs. The mine would have redundant otherwise. Having seen mines upfront, i have seen the difference in quality , happiness and productivity of workers in a world class mine, vs a government run mine
Jason
I think most comments made are out of frustration from bad experiences of the past. I personally blame Africa’s bad leaders. As we wale to a better cause, let’s also begin to do things right.We can surely build a better future.
MfalmeMwema
Excellent. Payment and reparations for years of colonial extraction must be undertaken. We will take back all that is ours.
Bruce Scott
Very simplified view of the world, right there. If Mali had the ability to extract the gold, they would, but they can’t, so they enter ‘partnerships’ with businesses who can. Its not simply Mali’s gold. Its not exploitation. Its joint venture business.
Re
What do you expect?
Steven Thiele
The government seized Gold from Barrick Mine
Is A political move to finish arbitration.
Mick Dundee
These corrupt countries would never try doing this to a Chinese mining company..
They know what the outcome of that would be. A very bad ending for the Mali gvt..
The west are too soft 9n dealing with these kinds of people..
Darius MTZ
You are absolutely right! West is soft. Too soft with 🌈 those flags. No one dare to deal same way with China.
Kamau
Wake up to the reality that no more exploitation is going to be allowed from Africa.
The grovelling to foreigners is over,it’s you who are going to be grovelling at our doors because we are cutting off all the resources you have been shamelessly stealing with the blessings of corrupt government officials.
Bruce Scott
Barrick, feel free to come and ‘exploit’ Australia’s resources! Ignor corrupt Africa and come deal with us. 🇦🇺
Ed Larson
You’re showing your ignorance. Ghana has already done it to China. Niger just kicked the Chinese out.
Nabil
You call Mali corrupt because they want to end the exploitation by western governments. Malian gold belongs to Mali.
Igfella
So you have seen the benefits from the current government ?
Romeo
Stupid line of thought, instead you say China is better personified in making deals that can easily run 2ways to to a win-Win compared to what the decrepit west always wants to stick to, EXPLOITATION, you guys are thieves
Olaniyi Oshiyemi
Then leave the corrupt Continent and go deal with china….says the ancestors of slavery… you have some audacity to label what the west done in Africa as “soft” Mr entitlement
Lloyd Mavakise
It’s idiotic, here we are talking about the West.The chaos in Africa is from the West
Efosa osagie
How long do you think calling Mali the poorest country in the world will last. Enough of your go back to Africa noise while stealing Africa dry. Now Mali government is saying give to ceaser what belongs to Ceaser, stop labelling them wrongly. Its Mali first or nothing.
Kamau
You people are very shameless. A country now becomes corrupt when it stops thieves from stealing its natural resources!
Kindly note that Africa is into a new leadership and we shall deal ruthlessly with external and internal thieves,which is what those companies have been doing.
Dajool leolamah
The Americans would solve this issue quickly give us back our company’s gold that you thugs stole or expect the consequences .Do not argue with banana republics.
Nkkpi Si
REALLY? YOUR COMPANY’S GOLD? ON MY PROPERTY ? GOLD DUG UP IN THEIR COUNTRY IS YOURS 🤣🤣🤣 THIS SENSE OF ENTITLEMENT NO NEEDS TO STOP. LOOK FOR GOLD IN YOUR COUNTRY,DIG IT UP AND YOU CAN RIGHTFULLY SAY, YES, YOUR COMPANY’S GOLD.. BUT THIS, IS JUST INTERNATIONAL EXPLOITATION AND THEFT OF RESOURCES THAT HAS BEEN GOING ON FOR TOO LONG..
N. E. Anderthol
What do u expect from these type of people, caveman mentality, gold is ours we take. It’s a wonder they didn’t ride in on elephants with clubs and take it 🙂
Mo
Sleeping in caves is necessary because of the extreme cold your northern hemisphere. In our southern hemisphere, we sleep under the stars.
You rode donkeys, which are very difficult to train and carry small luggage. We rode elephants, once taught, they never forget, and they carry tons.
Still you think you are superior 😉
Andrew
Barrick will close the mine, the machinery will be scrapped and vandalized. In 1 year the mine will produce zero. African nations ALWAYS look ahead , don’t they ?
Nkkpi Si
You’d be disappointed.. they are dealing with true Africans, NOT THE CORRUPT PUPPETS OF THE WEST THAT ONLY CARED ABOUT THEMSELVES.. THE MINE WILL CLOSE, AND WILL BE REOPENED AND MANAGED BY THE LOCAL PEOPLE OF THE LAND, CREATING JOBS FOR HUNDREDS AND THE MONEY STAYING IN THE ECONOMY…
Ed Larson
Funny, Burkina Faso seems to have managed their gold mines just fine after kicking the whites out. By the way, how’s France doing without all that free uranium? I hear energy prices have skyrocketed and Air France is begging Niger to allow them to restart service to Niger after cutting the country off.
Romeo Onyeka
Yes that’s right, that’s how you treat unrepentant evil and no well-meaning western crooked countries. No well-meaning at all to Africans
Mcilwain
African nations are starting to throw off the shackles of western resource extraction and if Burkina Faso is any measure, neo colonialism is not going to fare too well.
Brown best
You are ignorant of Mali and their beautiful gold, the first richest man ever recorded in history was from Mali and the wealth came from gold, the time the white man has not stepped into Africa / Mali, they did well for themselves then and they will do better for themselves today, let the white men leave Africa for Africans, they have caused enough trouble, the mining of gold in Mali has been going on before the white man knows, there’s a place called Mali
David McGuire
Thank you for mentioning that African don’t build cities or build wealth. They seem to think the assets acquired at great cost to the Corp they agreed with are simply stuff owned by the next nearby tribe to be taken on pretext of the philosophy that what’s mine(ed) is mine and yours is too if I can take it.
You, Mali, fix your own hellhole so you can have a safe good country.
Aaron
This gold that was taken isn’t 24 karat. So the price isn’t accurate. It was from a mine (88-92% pure) not a refinery (99.9%). Gold has no owner, it has users. All the gold ever mined still exists. Corruption is the only thing that has served man longer than gold. Using one to obtain the other is the basis of governance.
Puseletso
As a proud South African and an African woman, I stand in full support of Mali’s right to renegotiate the terms of its mineral wealth, especially its gold. It is deeply frustrating—and frankly offensive—that when African nations say “no”, that no is questioned, undermined, or dragged before international courts that were never designed with our liberation in mind.
Why should Mali, or any African country, have to beg or battle at international tribunals just to have a fair say over what is rightfully theirs? Our minerals are not managed by the West, nor should they be. This is AFRICA. And Africa has every right to reassert control over its natural resources without being bullied or penalized by outdated, exploitative systems.
We’re no longer in the colonial era, where contracts signed under duress or inequality are treated as sacred. These extractive agreements must reflect today’s realities—dignity, equity, and sovereignty for African people.
It’s time for global institutions to stop playing dice with Africa’s future. We are not a playground for multinational profits. We are a continent of value, power, and voice—and we’re using it.
NERD MO
Imagine a world where the actual thieves are considered the victims. Pay what you owe, behave with some form of respect, and you won’t pay negative consequences. Reap what you soe.
Johannesburg jo
Mali’s gold, Mali first! To hell with colonial contracts of extraction. #ImperialistLootersOut
Dave
First of all, Barrick Gold hasn’t been paying taxes to the govt before and after the coups. How dare they go there and mine resources that don’t belong to them and not pay their dues. The Maliaan govt has the right to reclaim THEIR resources. The gall you have to even write this mess. Do better.
Riyad
The thieves of Africa resources are now succumbed to their destiny Barrick together with a number of western companies have been bribing corrupt African leaders where they collaborated to steal their resources leaving citizens poor now revolution has come thru military force The citizens starts to feel ownership of their country bravo to AES better deal with Russians and Chinese who respects business deals not like french who buys uranium from Niger @0.8 cents when the price is above 500$ an ounce what a theft they should be forced to pay back All those stolen for decades
Alex Patrick
You need to check uranium prices. $500 is insane
Kim
Sadly, these people probably can’t mine it themselves. A company like Barrick sends people over in supervisory positions then hires locals to work. That gives them jobs and training so they can hopefully manage it themselves at some point. The government takes that away from the people to oppress them. Not in the best interest of the people.
Sandy
Always belonged to Mali.Never stolen from anyone except the Mali people -Every other country has profited of Mali’s resources except the People of Mali. Cheering for Mali 100 per cent!. Mali has exposed the corruption and people don’t like it..
Brentyboy
If i were Barrick I’d put explosives in the mine on a timer, get out of the country and collapse it all.
Romeo Onyeka
And who do you think looses after the explosion, you of course, with your miniature brain
Uyi Ben
A destructive mentality that condole injustice, demonize the oppressed and glorify the oppressors. Africa will rise again and take full control of their destiny!
Just a guy
“Exposed the corruption” uh huh, sounds just like Chump/Trump. Btw Toronto/Canada is not America First. Anyways it’s not that surprising people want to go back on their deals etc, or that people feel it belongs to their country etc, but point is what about the deal, the investment that Canada, made, not America, and if the country was really going to do anything with it they would’ve put their own investment into their own, instead they have the military take it etc, hmmm sounds like Russia. History will remember, and the people/companies won’t look to invest/establish deals etc.
KOGHILAVANAN MARIAPPAN
It’s the Government of Mali. Its not a regime. The article writer’s biased view of how the govt is cruel and the Barrick company is nothing but an innocent miner going his way into exploiting what is righteously the commodity of the people of the land.
When The US cruel regime bullies the whole world with tariff increase, and the Malian Govt seizing illegally obtained minerals without proper licences and permission… How is this and act of a military regime? U aren’t happy with the govt. policy, please leave the country and take your business elsewhere! Don’t cry wolf when ur self in sheep’s clothing
Moe Lester
And that’s why I don’t invest in Africa! Good luck!
Pete
Companies and countries routinely exploit African countries thru bribes and coups of uncooperative govt. It is the world we live in. Corruption, exploitation, murder, all for profit. We are a foolish species!
Simon
Mali must get what is due to them
Igfella
“Public funds are often diverted to personal accounts for personal gain”
Russell
One thief stealing from another what neither of them owns
Rosemary
Mali pretend they understand contract but when problems arise they realuse they signed too quickly now they want to revert to type and forget that their govt are corrupt and country down the tubes. They must account to their citizens not fund ………… groups against their citizens.
Alex Patrick
Mali doing a great job in promoting itself as a bandit country for foreign investors. Avoid Avoid Avoid
Dolon
As long as ABX goes up. I don’t care. Mali is full of dictators.
Ivan Castle
Barrick must leave the country and pay all the taxes it owes to the Mali people.
The company should also be sanctioned for exploiting poor countries. We Canadians need to fight these mining barons and put them in jail.
Raymond Johnston
I would like Mark Bristow, and Barrick executives to collaborate with us regarding the acquisition of a profitable 📈 gold mining operation in Africa.
Best regards,
Raymond Johnston
Nick L
What do you expect from a primitive government of corrupt savages? They will completely mismanage and destroy the mine, it will cease producing, because they are clueless mongrels. History repeats itself.
Shadrack Ofwueneke
So you complain the owners of the ground came for their soils produce??? is that what your saying
Nyagah
If someone says leave my compound just leave.
Tim
4 tons or half a billion confiscated will likely means billions of dollars less in investment money that flow into the country. They are robbing their own future as investors re-evaluate the risks of their investments.
Kamau
Most of the agreements made previously between foreign mining companies in Africa and the governments should be trashed.
The agreements were pure corruption avenues designed to enrich the government officials who signed them and the company owners, there was nothing in it for the respective countries.
Africa is into new leadership and the citizen’s welfare MUST henceforth come first.
The assertion that ‘the Malian junta’ will use the monies against the citizen’s is laughable in its ignorance 😑