The financial government and the “Barric Gold” group, working in the field of gold extracting, signed an agreement that ends the crisis that signed them at the end of last year and led to the suspension of work in the Lulu-Gonkoto mine.
Under the new agreement, Barric Gold will pay 275 billion African francs (438 million dollars), while the financial authorities will release the employees of the detained company, return the quantities of gold confiscated from its stores, and allow the re -operation of the mine without obstacles.
“Barrick Gold” is one of the largest gold mining companies working in Mali, as it produced 19.4 tons out of 51, which is the total general production.
Barric Gold owns 80% of two companies belonging to the Lulu Gonkoto Group for Gold Exploration in Mali, while the financial state has the remaining share.
Earlier, Reuters quoted Mark Presto, CEO of the company, as saying that his group wanted to resume work in the Lulu Gonkoto mine in Mali, considering that stopping production is a loss for all parties.
“Barrick Gold” entered into a crisis with the financial government – led by the military – after the approval of the mining law in late 2023, which requires raising the state rate to 30%, and canceling the exemption from taxes that were benefiting from foreign companies.
The government in Bamako arrested 4 employees of the company in November 2024 on charges of tax defrauding, and also confiscated a portion of its reserves of $ 254 million.
The dispute between the foreign company and the government in Bamako caused a decrease in gold production by 23% in 2024, as production stopped at the threshold of 51 tons compared to 66.5 in 2023.
