Mali Shuts Down Offices of Canadian Mining Giant Barrick Gold

The Malian offices of Toronto-based gold mining company Barrick Gold were shut down by authorities on Tuesday, following government threats to nationalize one of the country’s major gold mines.

According to a statement released by the company, the Malian government warned last week that the Loulo-Gounkoto Gold Mine would be nationalized if operations were not resumed and outstanding tax payments remained unpaid.

The Loulo-Gounkoto Gold Mine is Barrick's second most profitable operation, following its gold mining activities in Nevada.

Barrick suspended operations at the site in January after the government seized approximately three tons of gold belonging to the company and arrested several employees. An arrest warrant for CEO Mark Bristow was issued in December, with authorities accusing him of money laundering and financial misconduct.

The current Malian government, which came to power in a 2021 coup, has pushed for greater national control over the country’s resources—either through outright nationalization or more equitable profit-sharing with Western companies.

Barrick currently holds an 80% controlling stake in the Loulo-Gounkoto mine, while the Malian government owns the remaining 20%. Since 2021, Bamako has expressed interest in increasing its share.

Although Barrick maintains that it is willing to work with the government as long as prior agreements are honored, signs suggest the company may be preparing to exit Mali entirely. According to Reuters, around 40 Malian employees have already been relocated to Barrick’s Kibali mine in the Democratic Republic of Congo. Meanwhile, the government has yet to ratify an agreement reached with Barrick in February.

Since the government revised its mining laws in 2023 to secure a larger share of revenues for the state, Mali’s profits from mining in the country's more than 300 gold mines have surged by over 50%—an indication that Bamako may be growing less reliant on foreign companies to exploit its mineral wealth