Barrick's Top Gold Mine Placed Under State Control

Mali's Bamako Commercial Court on Monday placed the Loulo-Gounkoto gold complex, one of Barrick Mining's (NYSE:B) largest assets, into state control for six months. After a prolonged standoff over taxation, Mali appointed former health minister Suomana Makadji as provisional administrator.

"Justice was neither heard, nor served," Issaka Keita, one of Barrick's lawyers, said after the ruling, according to Reuters.

The Loulo-Gounkoto complex represents one of the largest mining operations in Mali and is a crucial component of Barrick's portfolio in Africa.

In 2024, it was responsible for 14% of Barrick's total gold production globally and generated $949 million in revenue during the first three quarters of that year.

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