Mali’s government has begun enforcing an order to seize gold stocks from Barrick Gold’s Loulo-Gounkoto complex, the Canadian miner said in a note to staff, warning that it may suspend operations at one of its biggest sites if the situation is not resolved swiftly.
Barrick told employees that authorities had started enforcing the provisional seizure order on Jan. 11. Two Barrick employees in Mali and a consultant working for mining companies confirmed the authenticity of the letter seen by Reuters, with one employee estimating the stock at risk is around 4 metric tons, worth nearly $380 million at current gold prices.
The dispute shows growing tensions between Mali’s military-led government and Western miners, as authorities in the West African nation seek a larger share of revenues under new mining rules. Loulo-Gounkoto, one of Barrick’s most valuable assets, accounts for 14% of the company’s estimated 2025 gold production. 
Barrick, the world’s second-largest gold producer by volume, had previously warned that it could halt operations at Loulo-Gounkoto if restrictions on gold shipments were not lifted. In its Jan. 6 statement, the company said it faced “significant risks” to its operations if it was unable to export gold from the site.
The Malian government did not immediately respond to a request for comment.
The dispute comes as several military-led governments in West Africa, including those in Burkina Faso and Niger, move to renegotiate mining contracts and boost state revenues from natural resources. Mali, Africa’s second-largest gold producer, relies heavily on gold exports, which accounted for more than 80% of its foreign currency earnings in 2023.
Mali’s government has issued an arrest warrant for Barrick CEO Mark Bristow and detained some of the company’s local staff as part of the escalating dispute. Barrick declined to comment further on the matter beyond its earlier statement.
