Barrick’s Mali gold mine resumes operations under state control

Core Insights - Barrick Mining's Loulo-Gounkoto gold mine in Mali has resumed operations after a shutdown lasting over nine months due to tensions with the military-led government [1][2] - The mine's management was temporarily taken over by Soumana Makadji, appointed by a Malian court, amid disputes over export blocks and employee detentions [2][4] - The Loulo-Gounkoto complex produced 723,000 ounces of gold last year, and its shutdown hindered Barrick from capitalizing on the rise in gold prices this year [3] Operations and Management - Operations at the Loulo-Gounkoto mine restarted following an agreement to resume payments to contractors [2] - Mali's Mines Minister indicated that the interim management would ensure operations restart, pay workers, and produce gold for the national economy [2] - The Ministry of Mines clarified that it is not involved in the operations, which are under interim administration [3] Legal and Financial Issues - Barrick has initiated arbitration proceedings against Mali and filed appeals regarding the detention of four employees, denying allegations of money laundering and terrorism financing [4] - The ongoing dispute involves claims of back taxes and new mining legislation, with Barrick asserting that its local subsidiaries have agreements protecting them from certain legal changes [5] - Government agents reportedly seized a tonne of gold from the site, and Barrick is awaiting updates on the status of the bullion [4]