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Market Chatter: Mali Plans to Sell Gold Reserves From Barrick Mine to Restart Operations

BY MT Newswires | ECONOMIC | 07/08/25 10:37 AM EDT

10:37 AM EDT, 07/08/2025 (MT Newswires) -- An administrator appointed by a Mali court of Barrick Mining's (B) Loulo-Gounkoto complex plans to sell 1 metric ton of gold from the site's storeroom to restart operations after a nearly six-month suspension, Reuters reported Tuesday, quoting two sources.

Funds from the planned sale of the gold, worth about $107 million, will likely be used to back operational expenses like salaries, fuel and unpaid fees to contractors, the report said.

Barrick suspended the mine's operations in January after Mali's government seized gold stocks from the complex, Reuters reported, adding that Soumana Makadji, who was appointed as temporary administrator in June, enlisted former Loulo-Gounkoto executive Samba Toure to help with operations.

Reuters quoted Barrick's Chief Executive Mark Bristow as saying the company had received only informal information regarding the restart and gold shipment. "If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate," Bristow told Reuters.

Barrick said on June 16 that arbitration at the International Centre for Settlement of Investment Disputes over its operations in Mali was fully underway.

Barrick said at the time that the Malian government had blocked gold exports and seized gold stocks from its subsidiaries, actions it described as unjustified and which triggered a temporary suspension of operations.

Barrick didn't immediately respond to a request for comment by MT Newswires.

Shares were down over 3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 20.93, Change: -0.67, Percent Change: -3.10

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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