Syrah Resources declares force majeure for its graphite mine in Mozambique
Mozambique has been rocked by protests against a disputed election since early October, with at least 100 fatalities reported.
Mali has issued an arrest warrant for Barrick (NYSE: GOLD, TSX: ABX) CEO Mark Bristow, accusing him of money laundering and violating financial regulations, according to documents reviewed by Reuters on Thursday.
The report follows last month’s arrest of four employees from Barrick’s Loulo-Gounkoto mining complex in the West African country.
Barrick stated that the company “will not be commenting” on the reported arrest warrant.
The detention of foreign officials is becoming a pattern in Mali, as the government seeks to extract more revenue from the mining sector.
According to sources cited by Reuters, Mali is seeking approximately $500 million in unpaid taxes from Barrick.
Previously, Bristow said that since September 30, the company has been working to finalize a memorandum of agreement with the government.
The agreement would outline their partnership going forward, including details on “the state’s share of the economic benefits generated by the complex” and “the legal framework under which this would be managed.”
“Our attempts to find a mutually acceptable resolution have so far been unsuccessful, but we remain committed to engaging with the government to resolve all claims levied against the company and its employees,” Bristow said in a recent statement.
Other four Barrick employees were detained in October.
Hit by sanctions and cut off from Western aid, Malian authorities have targeted both Barrick Gold and Australia’s Resolute Mining (ASX, LON: RSG) over allegedly unpaid taxes.
Last month, Resolute Mining CEO Terry Holohan and two employees were released after the gold miner agreed to pay around $160 million to settle a tax dispute with the Malian government.
Mali has been under military rule since 2020, when interim leader Colonel Assimi Goita ousted the elected president, citing failures to repel Islamist insurgents.
Since then, mercenaries from the Kremlin-backed Wagner Group have been deployed, while European forces and a United Nations peacekeeping mission were forced to withdraw.
Barrick Gold’s stock was down 3% midday in New York and more than 15% so far in the fourth quarter. The company’s market capitalization is approximately $29.5 billion.
Comments
Chris Innis
Scandalous, where is the UN, British and Canadaian prime ministers on this gangster activity from the military government in Mali? Why aren’t the Chinese saying this is wrong? They will be next. This is hostage taking, no more, no less…