Barrick Gold Corporation has rejected allegations from Mali’s Ministry of Mines and Finance Ministry that it has failed to meet its commitments under an agreement aimed at providing a fairer distribution of mining benefits. Barrick, which operates the Loulo-Gounkoto gold mining complex in Mali, maintains it has upheld all agreements with the government.
Ongoing negotiations to resolve disputes
‘In September, Barrick and the Malian government outlined a framework to settle existing disputes, with the objective of setting a clearer path for the distribution of mineral resource benefits,’ it said in a statement on October 24. Following this, Barrick reports that it has actively engaged in negotiations to finalise a memorandum of agreement. This document, once completed, aims to resolve remaining issues and set guiding principles for Barrick’s partnership with Mali, including increasing the state’s share in the economic returns from the Loulo-Gounkoto mines.
As part of these discussions, Barrick made a payment of CFA 50bn (about $85 million) to the Malian government in early October, reflecting its commitment to the negotiation process. Despite denying the allegations, Barrick asserts that it is negotiating in good faith, emphasising its long-standing partnership with Mali, which has spanned over 30 years and multiple administrations.
A history of collaboration
Mark Bristow, Barrick’s president and CEO, highlighted the company’s enduring relationship with Malian authorities, noting that past disputes have always been resolved amicably. Barrick expressed optimism about reaching a solution that would benefit all parties involved, reinforcing its commitment to working with the government to support Mali’s economy and local communities.
Barrick’s ongoing dialogue with the government of Mali aims to formalise their commitments, enhance the distribution of benefits, and secure a stable future for the Loulo-Gounkoto project.
Credit: Africabriefing
