Barrick Mining Corp. boss Mark Bristow says he has shown a willingness to cede ground in a dispute with Mali’s military junta, but won’t be waiving the company’s rights in order to restart a shuttered gold mine in the West African nation.
The veteran mining executive voiced frustration with the discussion process as authorities in Mali push for a bigger contribution from the Loulo-Gounkoto complex, one of Barrick’s most important assets. The two sides reached an agreement on three separate occasions only for the government to walk them back, Bristow said in an interview Wednesday.
“It’s frustrating that it’s not operating because this country really needs that contribution,” Bristow said. “On a positive side, we are very much engaged in discussions. I never give up.”
The cash-strapped junta running Mali has demanded payments for alleged back taxes from Barrick. It also wants the Canadian firm to adhere to new legislation that would give the state a larger stake in the mine and higher royalties.
The impasse is hindering Barrick’s ability to fully exploit record gold prices, with only the company’s flagship mines in Nevada providing it with more output and income than Loulo-Gounkoto. Bristow spoke after Barrick reported a sharp drop in first-quarter output from a year earlier.
Exports from Loulo-Gounkoto – which produced 723,000 ounces of gold last year – have been blocked since November, prompting Barrick to stop mining there in January. The company paid Mali US$85 million last October while negotiations were ongoing. Mali has since seized 3 tons of gold from the mine and detained four employees, in what Bristow calls an abuse of humans rights.
Mali officials have repeatedly told Barrick they don’t intend to expropriate the mine, Bristow said, adding that any major company with the ability to operate the facility wouldn’t be inclined to do so given Barrick’s experience.
A Mali mining ministry spokesperson declined to comment, while a finance ministry official didn’t respond to a call and text seeking comment.
“We’re still looking to find a way that’s going to be constructive for both stakeholders — the Malian people and ourselves,” he said.
With assistance from William Clowes and Katarina Höije.
James Attwood, Bloomberg News
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