The Loulo-Gounkoto complex in Mali. (Image by Barrick Gold).
A Malian court has, for the third time, postponed a hearing on whether to place Barrick’s (TSE: ABX, NYSE: B) Loulo-Gounkoto gold complex under provisional administration, Reuters reported on Monday.
The decision has been delayed until June 5, according to Issa Aguibou Diallo, a judge at Bamako’s Tribunal de Commerce, who made the announcement during proceedings without providing a reason.
Shares of Barrick rose 5.8% to C$27.84 on the Toronto Stock Exchange on Monday, giving the company a market capitalization of approximately C$47.85 billion ($34.89 billion).
The Canadian mining giant has been embroiled in a legal dispute with the West African nation over taxes and ownership following the suspension of operations at the complex in January.
Operations were halted after the government seized approximately three tonnes of gold, accusing Barrick of failing to meet its tax obligations. Since early November, authorities have blocked the company’s gold exports.
Barrick has stated it will only resume operations once the Malian government lifts restrictions on exports.
In May, the government—which holds a stake in the complex—requested that the Bamako Commercial Court appoint a provisional administrator to take control of the mines amid ongoing negotiations.
A major point of contention remains Mali’s demand that Barrick transition to the country’s 2023 mining code. The government has already renegotiated agreements with other multinational miners under the new legislation, according to two sources cited by Reuters.
Tensions escalated further after four Barrick employees were detained in November 2024, and an arrest warrant was issued for CEO Mark Bristow in December. While Barrick has publicly rejected the charges, it has not detailed them. A court document reviewed by Reuters lists alleged offenses including money laundering and the financing of terrorism.
Barrick is currently spending about $15 million per month on maintenance and salaries while losing an estimated $1.24 billion annually in revenue due to the suspension. The company, which described the shutdown as “reluctant,” has removed the Loulo-Gounkoto complex from its production forecasts until at least 2028.
(With files from Bloomberg and Reuters)
