Mali Targets Barrick Gold Executives in Financial Scandal
CEO and GM Accused of Violations Between 2019 and 2023
Mali’s Economic and Financial Pole has issued an arrest warrant for Barrick Gold CEO Dennis Mark Bristow and GM Cheick Abass Coulibaly. They face accusations of money laundering and violating WAEMU financial regulations between 2019 and 2023. This legal action further strains the relationship between the Malian government and Barrick Gold.
Malian Government Takes Stronger Control Over Mining Industry
New Mining Code and Nationalization Spark Tensions
The arrest warrant comes at a time of growing tensions between Barrick Gold and the Malian government. In October, Mali threatened to revoke Barrick’s operating license due to non-compliance with social, environmental, and financial responsibilities. The government has been tightening control over the mining sector, with the implementation of a new mining code aimed at increasing foreign companies’ royalties and boosting the state’s participation in mining projects to 35%.
Barrick Gold’s Disagreement with New Mining Legislation
Malian State Expands Role in Resource Control
Under the new mining code, Barrick Gold’s stake in the Loulo-Gounkoto mining complex, which it controls with 80%, faces a significant challenge. The Malian state currently holds a 20% stake, but the new legislation calls for a larger state share. Barrick Gold has publicly opposed the changes, fueling the ongoing conflict between the company and Mali. These changes reflect the government’s broader effort to increase its control over the country’s vast natural resources.
Nationalization of Mines Reflects Broader Trend in Africa
Governments Reclaiming Control of Resource Wealth
Mali’s actions mirror a broader trend across the African continent, where governments are renegotiating relationships with multinational corporations. In recent months, neighboring Niger and Burkina Faso have also introduced measures to increase state ownership in mining operations. Niger assumed operational control of the Somaïr uranium mine, while Burkina Faso passed new regulations to boost its stake in mining projects from 10% to 15%. These moves are seen as part of a broader push for resource nationalism across the region.
Mali’s Nationalization Efforts Extend to Other Gold Mines
Yatela and Morila Mines Under Government Control
Mali’s nationalization efforts have extended to the Yatela gold mine, which was previously owned by AngloGold Ashanti and Iamgold. The government’s move to take full control of the site reflects its broader ambitions to reassert sovereignty over its mineral wealth. Additionally, Mali is set to assume control over the Morila gold mine after resolving a dispute involving the Australian company Firefinch and a local subcontractor. These nationalization efforts signal a clear shift in the government’s stance on foreign involvement in its mining sector.
Barrick Gold Remains Silent on Arrest Warrant
Company Has Yet to Respond to Allegations
Despite the serious legal accusations, Barrick Gold has not issued a public comment regarding the arrest warrant for its CEO. The Canadian multinational has faced increasing scrutiny over its operations in Mali, particularly in light of its ongoing dispute with the government. With the legal process unfolding, many are watching closely to see how Barrick Gold responds to the growing pressure from the Malian authorities. The outcome of this case could have significant implications for the future of Barrick’s operations in the region.
Follow us on Socials: