The Mali government has issued an interim attachment order against Barrick Gold’s existing gold stock at the Loulo-Gounkoto mining complex site. This move will further hinder its export and interrupt normal operations.
Barrick said in a statement that the interim attachment order is unjustified and contravenes the agreed dispute resolution mechanisms.
Barrick chief executive Mark Bristow said the company's failure to export gold affects operations and has severe implications for the local economy, its 8,000 employees, and its many local service providers.
He said the company temporarily suspend operations at Loulo-Gounkoto if no solution is found in the coming week.
“Barrick remains committed to constructive engagement with the Government of Mali to resolve the existing disputes amicably,” said Bristow.
“As previously disclosed, we have initiated arbitration through the International Centre for the Settlement of Investment Disputes (ICSID) as a recognised mechanism to address these matters of disagreement while maintaining the integrity of existing agreements.”
He said Barrick is continuing its efforts to reach an agreement with the Mali government on a memorandum of agreement to resolve the existing disputes, redefine the partnership’s future and increase the State’s share of benefits from the Loulo-Gounkoto complex.
Bristow said the situation was further compounded by the continued detention, on unfounded charges, of several of Barrick’s Malian employees and the company was actively working to secure their release and ensure their well-being.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
