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Barrick Mining Corp. ABX-T is set to lose control of its Malian operations after a local court ordered a state-appointed administrator to temporarily take over the Loulo-Gounkoto gold mine. The Bamako Commercial Tribunal’s ruling Monday follows months of tension between Toronto-based Barrick and Mali over a new fiscal agreement for the massive gold mine in the West African country.
The court named Soumana Makadji, a former health minister in Mali, as the administrator of the mine for the next six months. The Bamako Commercial Tribunal did not respond to a request for comment.
The Mali government brought the case against Barrick in an apparent effort to put further pressure on the company in their negotiations, which have gone on for more than a year. Mali jailed four Barrick executives in November and issued an arrest warrant for chief executive officer Mark Bristow in December, accusing him of money laundering.
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