The government of Mali has seized gold valued at approximately $245 million from the Canadian mining company Barrick Gold, citing the company’s failure to meet tax obligations.
According to a court ruling, Barrick Gold owes a total of $5.5 billion in unpaid taxes to the Mali.
As a consequence of this financial dispute, the company has suspended its operations within the country. Specifically, Mali has confiscated three tons of gold, which the government asserts is necessary to recover the revenue owed.
The seized gold originates from a mining site located near Kayes, a significant region for gold extraction. This action follows a warning issued by Malian judicial authorities in early January, which indicated their intention to proceed with the seizure.
Moreover, it is noteworthy that in December 2024, Mali issued an arrest warrant for Barrick Gold's CEO on charges related to money laundering. To resolve ongoing disputes with the Malian government, Barrick Gold has proposed a settlement of $370 million.
Currently, the market price for gold is reported at $86.21 per gram, leading to a calculated value of $258,630,000 for the three tons of gold seized. Even with this valuation, there remains a deficit of over $111 million that Barrick Gold owes to the Mali.