Malian judge orders return of gold to Canada's Barrick Mining
## Return of Seized Gold to Barrick Mining
Return of Seized Gold to Barrick Mining
A judge in Mali has ordered the return of three metric tonnes of gold, valued at approximately $400 million, to Canada's Barrick Mining. The gold was confiscated in January from the company's Loullo-Gounkoto complex following a legal order and has since been held in a bank vault in Bamako.
The seizure was conducted under Mali’s new mining code, introduced by the military-led government to enhance the state's share of extractive revenues. Gold is a significant component of Mali's national economy, accounting for more than 70% of the country's exports.
Barrick Mining and the Malian government reached an agreement last month to resolve their longstanding dispute. Following the gold seizure, Barrick, Mali’s leading gold operator, had suspended some operations, citing the confiscation as a violation of contractual obligations.
A judge in Mali has ordered the return of three metric tonnes of gold, valued at approximately $400 million, to Canada's Barrick Mining.
As part of the agreement, Barrick will pay a settlement of $437 million and will withdraw its arbitration claims against Mali. In exchange, the government will drop its charges against the company, and four Barrick employees detained since November last year have been released.
The provisional administrator appointed in January is scheduled to return control of the Loullo-Gounkoto complex to Barrick next week, allowing the company to resume its operations fully.
Based on reporting by Africanews.
