Mali, one of Africa’s leading gold producers, has issued an arrest warrant for Mark Bristow, Chief Executive of Barrick Gold (ABX.TO), intensifying an ongoing dispute between the West African country and the Canadian mining giant. The arrest warrant, dated December 4 and seen by Reuters on Thursday, marks a significant escalation in the conflict.
The Malian government, led by a military junta, is seeking to increase state revenues from the gold sector, which has seen rising prices for the precious metal. As part of this effort, the government has detained several mining executives in a bid to exert pressure on foreign companies operating in the country. In September, four senior local employees of Barrick were briefly detained over a demand for approximately $500 million in unpaid taxes, and were arrested again last month pending trial.
Bristow had previously expressed confidence in early November that Barrick, the world’s second-largest gold producer, would resolve its disputes with Malian authorities by the end of the year. However, the arrest warrant accuses him of money laundering and violations of financial regulations, according to the document, which was first reported by Malian media. Two sources close to the matter, who asked to remain anonymous, confirmed the document’s authenticity.
In response to the arrest warrant, Barrick issued a statement stating that the company “will not be commenting” on the matter. Barrick’s shares fell by 2.9% on the Toronto Stock Exchange following the news. Bristow, a South African national who splits his time between Britain and the United States, last visited Mali in July, according to the company’s website. Barrick is headquartered in Toronto.
Additionally, Mali has also issued an arrest warrant for Cheick Abass Coulibaly, the general manager of Barrick’s Loulo-Gounkoto mining complex in Mali.
This development follows a similar situation with Australia’s Resolute Mining (RSG.AX), whose British CEO and two other employees were detained by Mali’s military-led authorities over a tax dispute last month. The executives were released after the company agreed to pay $160 million.
The detentions and arrest warrants in Mali highlight the mounting challenges faced by international mining companies operating in the region, where neighboring countries like Burkina Faso and Niger are also increasing pressure on foreign firms. In October, Burkina Faso’s junta leader, Ibrahim Traore, announced plans to revoke mining permits from certain foreign companies and focus on domestic gold production. In Niger, the government has taken control of the Somair uranium mine, previously owned by French nuclear fuels company Orano.
These developments reflect a broader trend in the region, where countries are shifting away from traditional Western allies such as the United States and France, and are increasingly turning to Russia for military and security assistance.
(Reuters)
