Barrick Gold, the world’s second-largest mining company, expects to finalise negotiations with Mali’s junta-led government over a new mining code by the end of 2024, CEO Mark Bristow revealed in an interview with Reuters on Thursday.
The Toronto-based mining giant has been in protracted discussions with Malian authorities over regulations that will affect operations at its Loulo-Gounkoto mining complex, one of Mali’s largest gold-producing sites. For months, Barrick and the government have been negotiating updates to the mining code to align with Mali’s revised policy objectives for the sector.
According to sources cited by Reuters, Mali is seeking around $500 million in outstanding taxes from Barrick, as the government aims to capture a larger share of revenues from its lucrative gold industry. The move comes as gold prices continue to rally, providing an incentive for the state to secure additional income amid an uncertain economic landscape.
As Mali’s largest economic sector, the gold mining industry is vital for government revenue. Barrick’s continued investment and compliance with new regulations could signal long-term stability for Mali’s mining sector, supporting both economic growth and investor confidence.
Mark Bristow’s remarks indicate optimism that a formal agreement will be reached before the year’s end, which could pave the way for a mutually beneficial framework for future mining operations in the country.
Credit: Reuters
