Home News Finance Mali Seeks Over 300 Billion CFA from Barrick Gold, Tightens Mining Regulations
FinanceNews

Mali Seeks Over 300 Billion CFA from Barrick Gold, Tightens Mining Regulations

563

Mali’s junta is demanding at least 300 billion CFA from Barrick Gold, the world’s second-largest gold producer. This demand is reportedly part of Mali’s effort to increase revenue from mining companies.

It will be recalled that authorities recently detained four Barrick staff members in Mali a week ago. The Canadian company responded by saying it is negotiating with the government to resolve ongoing disputes and claims.

Sources revealed to Reuters that Barrick Gold’s outstanding bill primarily consists of retroactive tax adjustments and unpaid dividends from 2020 to 2022. However, one source estimated that Barrick might owe as much as 500 billion CFA. The demand for payment followed Mali’s recent audit of mining contracts and a push for new agreements that would allocate a larger share of mining revenues to the state.

Under the proposed changes, Mali’s stake in mining projects could increase from 20 per cent to 35 per cent. The government said it is aiming to recover billions of CFA in missing revenues from mining operations. Recent contracts with other mining firms, including B2Gold and Allied Gold, are projected to generate an additional 245 billion CFA for the country.

Mali’s government, under President Assimi Goita, has made it clear to investors that they must accept the new mining regulations or exit the country.

Read More:

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Human RightsNews

Togolese Protesters Tear-Gassed in Their Homes as Uprising Demands President’s Resignation

Togolese youths have taken to the streets in a three-day demonstration, demanding...

FinanceNews

DR Congo, Rwanda to Sign US-Mediated Peace Deal  

The Democratic Republic of Congo (DRC) and Rwanda are set to sign...

NewsSecurity

Niger Counter-Terrorism: Four Suspects Captured in Tanda, Including Alleged Militant Leader

A high-risk counter-terrorism operation conducted on June 25 in the village of...

FinanceNews

Missing ₦210tn: Nigerian Senate Rejects NNPCL’s Retreat Excuse, Gives 10-Day Ultimatum to Appear Before Probe Panel

The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to appear...