What was the tax dispute between Mali and Barrick Gold about?

The dispute involved Mali's new mining code, which increased the state's share of revenue from gold producers, leading to disagreements over taxes and customs.

Who is Mark Bristow and why was he wanted in Mali?

Mark Bristow is the CEO of Barrick Gold. An arrest warrant was issued for him by Malian authorities as part of the tax dispute.

What are the key outcomes of the agreement between Mali and Barrick?

Barrick will accept Mali's new mining code, four detained employees will be released, and operational control of the Loulo-Gounkoto complex will return to Barrick.

Home / Business and Economy / Mali, Barrick Gold Settle Major Tax Dispute

Mali, Barrick Gold Settle Major Tax Dispute

25 Nov

•

Summary

Mali's junta and Barrick Gold resolved a two-year tax dispute.
Detained Barrick employees will be released, and gold returned.
Barrick agrees to Mali's new mining code, increasing state revenue.

Mali, Barrick Gold Settle Major Tax Dispute

Mali's military government and Canadian mining giant Barrick Gold have finalized an agreement to end a protracted tax dispute. The resolution pertains to one of Africa's largest gold operations, the Loulo-Gounkoto complex, which has been at the center of a two-year standoff.

The agreement signifies a critical de-escalation, with both parties committing to halt all ongoing legal proceedings and disputes related to customs and taxes. Barrick Gold has agreed to comply with Mali's updated 2023 mining code, which stipulates increased state ownership in new mining ventures. This move aims to bolster national revenue for Mali.

As part of the settlement, Barrick's four detained employees are set to be released, and three tons of gold previously seized by the junta will be returned to the company. Operational control of the Loulo-Gounkoto complex will also be reinstated to Barrick, concluding a period of provisional administration and international arbitration requests.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.

Mali, Barrick Gold Settle Major Tax Dispute

25 Nov

•

Summary

Mali's junta and Barrick Gold resolved a two-year tax dispute.
Detained Barrick employees will be released, and gold returned.
Barrick agrees to Mali's new mining code, increasing state revenue.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.