US EditionMali plans to sell gold reserves at Barrick complex to fund operations
MALI, JUL 8 – The Malian government aims to use proceeds from a one-ton gold sale, valued at about $107 million, to cover operational costs after restarting the Loulo-Gounkoto mine post-suspension.
- Soumana Makadji, the court-appointed overseer of Barrick Mining’s Loulo-Gounkoto complex, intends to generate funds by selling a metric ton of gold from the facility’s reserves as operations resume following an almost six-month halt.
- This development comes after nearly two years of tension between Barrick and Mali's military government, triggered by disagreements over taxes and Barrick's rejection of a recently introduced mining law designed to increase government revenue.
- Operations restarted recently, but Barrick’s CEO Mark Bristow expressed skepticism, warning that the administrator cannot run the complex and such efforts risk severe long-term damage.
- Gold prices rose 25% this year, peaking at $3,500 per ounce in April, while Loulo-Gounkoto contributed 578,000 ounces or 15% of Barrick’s production in 2024 with $100 million quarterly sustaining costs.
- Barrick has launched international arbitration to defend its investments and seeks legal measures to hold Mali accountable, while the gold sale aims to cover operational expenses including salaries and fuel.
Insights by Ground AI
Does this summary seem wrong?
27 Articles
27 Articles
All
Left
2
Center
7
Right
6
Coverage Details
Total News Sources27
Leaning Left2Leaning Right6Center7Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
13%
C 47%
R 40%
Factuality
To view factuality data please Upgrade to Premium
