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18.06.25 - 08:24
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Mali to Control Loulo-Gounkoto Gold Mine for Six Months (Bloomberg)
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Barrick Mining Corp.'s Loulo-Gounkoto gold mining complex should be placed under provisional administration for six months, handing control of one of the company's biggest operations to state-appointed management, a Malian court ruled. Bloomberg's William Clowes breaks down the situation....
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17.06.25 - 20:36
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"Worst Case Outcome": Mali Places Barrick Gold′s Loulo-Gounkoto Mine Into State Control (ZeroHedge)
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"Worst Case Outcome": Mali Places Barrick Gold's Loulo-Gounkoto Mine Into State Control
A Malian court has ordered Barrick Gold Corp.'s Loulo-Gounkoto mine into six months of provisional administration, transferring control of one of the Canadian firm's key assets to a state-appointed manager. Judge Issa Aguibou Diallo said Soumana Makadji, an accountant and former health minister, will oversee operations, according to Bloomberg.
The ruling follows months of tensions. In January, Barrick suspended operations after authorities blocked exports over a tax and royalty dispute. Though the company agreed to a resolution in February, it says Malian officials have yet to act. Meanwhile, exports from the mine—responsible for 723,000 ounces of gold last year—have been halted since November.
Mali's junta, facing financial strain, demands back taxes and adherence to laws that would grant the state a larger stake and higher royalties. In October, Barrick paid $85 million as part of ongoin...
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