West African state has accused Barrick Gold’s senior executive and its local manager of money laundering and violating financial regulations
Mali has ordered the arrest of Canada’s Barrick Gold Corporation CEO Mark Bristow, local media reported on Thursday, citing a warrant document. The move comes amid a dispute with the world’s second-largest miner over unpaid taxes to the West African state.
The authorities also issued an arrest warrant for Cheick Abass Coulibaly, the general manager of the company’s mining complex in the former French colony. Both Bristow and Coulibaly are accused of money laundering and violating the financial regulations of member states of the West African Economic and Monetary Union, according to the Maliweb news agency.
The landlocked country is one of Africa’s top gold producers, with large-scale mining operations such as the Loulo and Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. However, since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income as the price of the precious metal continues to rise. Last year, the former French colony passed a new mining code allowing the government to own up to 30% of any new projects.
Barrick, which is one of Mali’s largest gold miners, has since reportedly been under increasing pressure. Last month, the company said Malian authorities had charged and detained four of its employees from the Loulo-Gounkoto mining complex.
In late September, the Canadian firm announced that it had reached a preliminary agreement with the Sahel nation to resolve concession disputes. It added that the terms of the contract, which will also govern Barrick’s partnership with Bamako, will be made public once finalized.
In a recent statement, Barrick CEO Bristow claimed that efforts to find a “mutually acceptable resolution have so far been unsuccessful.” He said the corporation remained committed to negotiating with the Malian military government to resolve all claims filed against the company and its employees, as well as “secure the early release of our unjustly imprisoned colleagues.”
Bristow, a South African national, last visited Mali in July, according to the Toronto-based firm’s website. Barrick has told Reuters that it will not comment on the alleged arrest warrant for its officials.
Last month, Australian firm Resolute Mining agreed to pay Mali $160 million to settle a tax dispute and obtain the release of three of its staff, including its CEO, who had been detained.
