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Investing.com -- Barrick Mining has excluded its Mali gold complex from its 2025 output forecast amid an ongoing two-year dispute with Mali’s government over new mining legislation, according to Reuters, citing four sources familiar with the matter.
Operations at the Loulo-Gounkoto gold complex, one of Barrick’s largest gold assets in Africa, have been suspended since January. The military-led government blocked gold exports from the world’s third-largest gold miner, detained staff, and seized three metric tons of stock during negotiations for a new mining contract.
The dispute comes at a time when both parties could benefit from record high gold prices, with potential revenues worth at least $1 billion this year at stake. Mali risks deterring future investors, while Barrick’s shares have underperformed compared to competitors.
Barrick has not publicly disclosed its Mali output forecast, but Morningstar analysts had estimated Mali would contribute approximately 250,000 ounces in 2025.
In May, Mali’s government, which holds shares in the complex, requested a domestic court to appoint a provisional administrator to resume operations at the facility. This move could effectively remove Barrick’s control over mines that represented 14% of its total output, according to Jefferies.
A court hearing regarding this matter is scheduled for Thursday.
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