In an operation carried out on the morning of Thursday, July 10, a Malian military helicopter landed without prior warning on the runway of the Loulo-Gounkoto mine, owned by Canadian company Barrick Gold Corporation, and seized over one ton of gold valued at approximately $117 million.
Gold removed after hours inside the plant
The helicopter, painted in brown and green, carried government agents who were escorted by security personnel to the room where the gold was stored. After about five hours on site, the aircraft took off from the African country carrying the precious cargo.
Gold had been held since January
According to Reuters, the confiscated gold had been held since January, when another three tons had already been seized by court order, destined for bank vaults. The recent operation was reportedly authorized by a court-appointed interim administrator, Soumana Makadji, a former Health Minister, who justified the move as a way to fund the resumption of mine operations.
Barrick challenges legality of the operation
Barrick Gold strongly condemned the action, calling it “reckless and illegitimate.” The company has initiated an international arbitration process at the World Bank, with the first hearing scheduled for the end of July. According to Barrick, the government’s final intentions regarding the seized gold remain unclear.
Dispute stems from new mining code
The conflict began in 2023, after Mali’s military regime imposed a new mining code that:
- Increased royalties paid to the state;
- Expanded government participation in operations;
- Required foreign companies to pay retroactive taxes.
While miners like B2Gold and Allied Gold Corp. accepted the new rules, Barrick chose to resist, triggering a series of government retaliations.
Government detains executives and takes control of the mine
Barrick’s resistance led the government to:
- Block the company’s exports for two months, forcing operations to be suspended in mid-January 2025;
- Arrest top company executives;
- Seize three tons of gold;
- Temporarily take control of the Loulo-Gounkoto mine in June 2025.
Sources say that although mining extraction has not yet resumed, the processing plant restarted operations in July based on accumulated stockpiles.
Regional tensions rise amid similar actions
This episode is part of a broader trend across the Sahel region in North Africa, where military governments are seeking greater control over natural resources. Similar situations have been reported:
- In Burkina Faso, the government threatened to revoke mining licenses held by foreign companies;
- And in Niger, authorities recently confiscated a uranium mine operated by a French company — moves that have alarmed Western mining firms.
Barrick reaffirms commitment but demands respect for legality
Despite the crisis, Barrick CEO Mark Bristow stated:
“We remain committed to Mali, but also to the rule of law. We hope this deadlock will be resolved soon.”