Barrick faces contractor layoffs in Mali as it plans name change

Barrick Gold (NYSE: GOLD) (TSX: ABX) confirmed on Monday it plans to change its name to Barrick Mining Corporation at its upcoming annual and special meeting of shareholders next week.

The company also intends to change its ticker symbol on the New York Stock Exchange from GOLD to B, effective at the start of trading on May 9, 2025. Barrick’s shares on the Toronto Stock Exchange will continue to trade under the ABX ticker.

The move reflects Barrick’s ongoing expansion into copper, complementing its gold business. The miner is investing $6 billion to develop the massive Reko Diq copper-gold project in Pakistan, expected to begin operations in 2028 and last for at least four decades. It is also expanding its Lumwana copper mine in Zambia, aiming to position it among the world’s largest copper operations.

Chief executive Mark Bristow said the change underscores Barrick’s vision of becoming “the world’s most valued gold and copper exploration, development and mining company.”

“Along with our world-class portfolio of six tier one gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond,” Bristow said in a statement.

“Gold remains core to our foundation,” he added, citing projects such as the Pueblo Viejo expansion in the Dominican Republic and the Fourmile gold project in Nevada.

Mali dispute

Meanwhile in Mali, Barrick faces mounting challenges as an ongoing dispute with the African nation continues to impact operations at its flagship Loulo-Gounkoto complex.

At least four Barrick subcontractors employing hundreds of workers have begun laying off staff, Reuters reported on Monday, adding that some have stopped receiving payments for months.

According to Reuters, the following subcontractors have either suspended activities or started liquidation procedures:

• BLY Mali, a subsidiary of drilling services firm Boart Longyear, said it is liquidating after its contract suspension left it “irremediably compromised.”
• ETASI, a heavy equipment rental company, announced a full suspension of its workforce.
• ATC, a metal construction company, issued layoff notices after a temporary work stoppage expired.
• MAXAM, a civil explosives contractor, is planning a temporary work stoppage affecting about 120 employees.
• SGS, a Swiss-based contractor, was granted a three-month suspension beginning February 1.

Last week, Malian authorities escalated the dispute with the Canadian miner, which began in 2023 after the current regime took power and introduced a new mining code, by closing Barrick’s office in Bamako, citing alleged tax arrears.

Operations at Loulo-Gounkoto, Barrick’s largest African asset, have been suspended since January after Mali seized around three tonnes of gold over alleged unpaid taxes. Authorities had already been blocking the company’s gold exports since November.

Despite these developments, Barrick’s employees in Mali have continued receiving salaries, a Reuters source said. Around 40 Malian employees from Loulo-Gounkoto are being temporarily transferred to Barrick’s Kibali mine in the Democratic Republic of Congo, with a total of 100 staff identified for relocation.

In February, Barrick signed a draft agreement to resolve the dispute, but Mali’s government has yet to ratify or implement the deal.

(With files from Reuters)