Mali’s military-led government has issued an arrest warrant for Mark Bristow, CEO of Barrick Gold Corporation, accusing him of money laundering and financial regulation violations. This development intensifies existing tensions between Mali and foreign mining companies, following the country’s recent amendments to its mining code aimed at increasing state revenues.
The arrest warrant, dated December 2, 2024, was first reported by Malian media and later confirmed by Reuters. It comes after the September detention of four senior local employees from Barrick’s Loulo-Gounkoto mining complex, who were charged and are awaiting trial. Despite these challenges, Bristow had expressed confidence in resolving disputes with Malian authorities by year’s end. However, Barrick has declined to comment on the recent arrest warrant.
This situation reflects a broader trend in Mali, where the government is exerting pressure on foreign mining firms to secure greater financial contributions. For instance, Australia’s Resolute Mining faced similar issues, with its CEO and two employees detained over a tax dispute. They were released after the company agreed to a $160 million settlement.
Mali’s recent revisions to its mining code aim to increase state revenue from the mining sector, which is a significant part of the country’s economy. These changes have led to heightened tensions between the government and foreign mining companies operating in the region.
The arrest warrant for Bristow underscores the escalating challenges faced by international mining companies in Mali, as the government intensifies efforts to renegotiate terms and increase its share of mining revenues. This development could have significant implications for Barrick Gold’s operations in the country and may affect investor confidence in the region’s mining sector.
