$118,802,832 Worth of Gold Bullion Seized From Top Mining Firm After African Nation’s Military Junta Expands Power: Report

Gold mining giant Barrick has reportedly had over a hundred million dollars in gold seized by state helicopters in Mali, where it has a mine.

Last week, the West African nation’s military junta leader Assimi Goïta granted himself a five-year presidential mandate, renewable “as many times as necessary” without election, reports France 24.

The military coup d’état of 2021 in Mali has wreaked havoc for the Canadian gold mining firm, with the company dealing with legal battles, the alleged unlawful arrest of its employees and the seizure of nearly four tons of gold.

Just last week, the military junta showed up to unexpectedly seize $118.802 million worth of the precious metal at the company’s mine in Loulo-Gounkoto.

Says Barrick in an update,

“Government helicopters landed unannounced at Loulo-Gounkoto and took over one tonne of gold potentially for sale by the provisional administrator – though that remains to be seen and the situation is evolving.

Through this entire process, Barrick has continued and continues to engage in negotiations through all available channels to resolve the dispute, but the deadlock remains.”

Jeremiah Enoch, an associate strategy and risk adviser at the London-based J.S. Held Ltd, tells Bloomberg that gold is Mali’s main source of foreign exchange, so securing revenue from it “with or without Barrick, is strategically important.”

“The broader context suggests the proceeds may also be used to fund urgent national priorities, including security and fiscal needs.”

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