Barrick Mining has regained operational control of the Loulo-Gounkoto mine and will receive three tonnes (t) of gold from the authorities in Mali.
This development comes after an agreement between Barrick and Mali’s Government, ending a two-year standoff that led to the suspension of operations at one of Barrick’s key gold assets, reported Bloomberg.
According to the company’s legal representative, the restitution has been ordered, with the seized gold being returned and the handover of the mine expected to proceed following the formal completion of the legal proceedings.
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The gold, which was confiscated earlier this year when mine operations were halted, is set to be returned as a procedural formality.
Mali’s Mining Ministry declined to comment on the issue, according to the news report.
The dispute was resolved after Barrick agreed to a settlement of CFA Fr244bn ($437m). The company also agreed to withdraw its arbitration claims against Mali.
In exchange, the government said it will drop its charges against Barrick.
In October, Barrick’s Loulo-Gounkoto gold mine resumed operations after more than nine months.
Four Barrick employees who had been detained during the dispute were released last month.
Barrick is a gold and copper producer with a global portfolio spanning prolific districts, specialising in high-margin, long-life assets.
The company recently finalised the divestiture of its interests in the Tongon gold mine, along with selected exploration assets in Côte d’Ivoire, to Atlantic Group.
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