Mali Issues Arrest Warrant For CEO Of Canadian Gold Company Barrick Gold Over Financial Violations

The Economic and Financial Pole of Mali has issued an arrest warrant for Dennis Mark Bristow, CEO of Barrick Gold Corporation, and Cheick Abass Coulibaly, General Manager of the Loulo-Gounkoto mining complex.

The two are accused of money laundering and violations of WAEMU (West African Economic and Monetary Union) financial regulations between 2019 and 2023.

This move comes amid increasing tensions between the Malian government and Barrick Gold, a Canadian multinational mining corporation.

It will be recalled that in October, the government threatened to revoke Barrick Gold’s operating license, citing failure to meet social and environmental responsibility commitments and compliance with financial regulations.

The transitional government, led by Colonel Assimi Goïta, has been increasing its control over the mining sector.

The government implemented a new mining code designed to increase royalties for foreign companies and expand the state’s participation in mining projects to 35 per cent. Currently, the Loulo-Gounkoto mining complex is 80 per cent owned by Barrick Gold, with the Malian state holding a 20 per cent stake. Barrick has publicly opposed the new legislation, contributing to the ongoing dispute.

The country has also nationalised the Yatela gold mine, previously owned by AngloGold Ashanti and Iamgold. This move gave the government full control of the site and reflected its broader efforts to reclaim control over the mining industry.

It is also set to take control of the Morila gold mine following the resolution of a dispute involving Australian mining company Firefinch and local subcontractor Entreprise Générale Traoré et Frères SARL (EGTF).

Mali’s actions mirror a growing trend in the AES, where governments are renegotiating relationships with multinational corporations. It will also be recalled that Niger recently assumed operational control of Somaïr, a uranium mining subsidiary of the French company Orano. Burkina Faso also introduced new mining regulations that would increase the country’s stake in mining projects from 10 per cent to 15 per cent.

The Malian government has emphasised that these measures aim to ensure that the country’s natural resources benefit its citizens.

Barrick Gold has not yet commented publicly on the arrest warrant or the accusations.

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