Mali Orders Closure of Barrick Gold Office Amid Tax Dispute

BREAKING NEWSApril 16, 2025 at 8:57 AM UTC

TLDR

Mali has ordered the closure of Canadian miner Barrick Gold’s Bamako office, escalating a long-running dispute over tax arrears
The move follows the seizure of three tons of gold from Barrick’s Loulo-Gounkoto mine and an arrest warrant issued for CEO Mark Bristow earlier this year
Gold is critical to Mali’s economy, contributing 75% of export revenue and nearly a quarter of the national budget

Mali has ordered the closure of Canadian miner Barrick Gold’s Bamako office, escalating a long-running dispute over tax arrears. The move follows the seizure of three tons of gold from Barrick’s Loulo-Gounkoto mine and an arrest warrant issued for CEO Mark Bristow earlier this year.

Authorities allege Barrick owes 305 billion CFA francs (approx. $500 million) in unpaid taxes. Barrick disputes the claim and maintains that a partial payment of $85 million in 2024 was made in good faith. The Malian government rejected the payment as non-compliant.

Gold is critical to Mali’s economy, contributing 75% of export revenue and nearly a quarter of the national budget. In 2023, the military-led government adopted a new mining code emphasizing transparency and greater state participation. Barrick has not yet responded to the latest office closure order. The company has consistently denied wrongdoing.

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Key Takeaways

The standoff between Mali and Barrick Gold underscores broader tensions over resource governance in West Africa. Mali’s military government is asserting greater control over the extractive sector through a new mining code and stricter enforcement of tax rules. However, this assertiveness could deter foreign investment. Barrick Gold, which employs over 8,000 people in Mali and contributes significantly to the economy, now faces operational uncertainty. The closure of its Bamako office and the $500 million tax claim may deepen investor concerns over Mali’s regulatory environment. While the government frames its actions as necessary to protect national interests and boost domestic benefits, analysts warn of reputational risk. Striking a balance between domestic revenue generation and investor confidence will be critical. The outcome of this dispute could serve as a precedent for how other African resource-rich states negotiate with multinational firms under economic and political pressure.

Mali

Economy

Barrick Gold

Mining

Gold Mining