By Hassan Isilow
Canadian mining giant Barrick Gold Corporation said Tuesday that it has suspended operations at its Loulo-Gounkoto mining complex in Mali.
Barrick said the Malian government had moved its gold stock from the Loulo-Gounkoto site to a bank, preventing the shipment and sale of the gold.
“As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution,” said the world’s second-largest gold miner by market capitalization.
According to reports, the mining giant and the Malian government have been involved in a long-running dispute arising from a claim that the miner owes the government $512 million in back taxes.
Barrick said it remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.
The miner did not disclose how much gold has been moved.