Malian Judge to Order Reopening of Barrick's Loulo-Gounkoto Gold Mine

This development coincides with ongoing negotiations for a new memorandum of understanding between the two parties.

SEATTLE (Scrap Monster): A Malian judge is poised to mandate the reopening of Barrick Mining's Loulo-Gounkoto gold mine under new management, according to a report from Mining.com. This decision follows a prolonged dispute between the Malian government and the Canadian mining giant, which led to the suspension of operations since January.

The conflict, rooted in the implementation of a new mining code that imposes higher taxes and grants the government a larger stake in the mine, escalated when the government seized approximately 3 metric tons of gold, valued at $317 million. Despite the government's 20% shareholding in the facility, it has blocked Barrick's gold exports since November, citing unmet tax obligations.

As the deadline for value-added tax payment approaches, the Malian government has requested the Tribunal de Commerce de Bamako Court to facilitate the mine's reopening under new management. This development coincides with ongoing negotiations for a new memorandum of understanding between the two parties.

Courtesy: www.indexbox.io

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