Barrick calls for responsible leadership as Mali situation escalates

TORONTO, Canada

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) confirms that it has continued to engage in good faith with the Government of Mali to finalise an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025, subject to execution by the Government.

From the outset of its engagement, Barrick has worked to find a constructive solution.  

In October 2024, it agreed to a framework aimed at achieving a comprehensive resolution of all outstanding disputes and paid $85 million as part of the ongoing negotiations.

Despite this, the Government subsequently took a series of escalatory actions, including the arrest of Barrick employees – who remain unfairly in detention – and the suspension of gold shipments.

More recently, although Barrick signed the agreement presented by the Government as requested in February, the Government has failed to execute it.  

Its conclusion now appears to be obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people.

This week, departments within the Government escalated matters by closing Barrick’s Bamako office and threatening to place the Loulo-Gounkoto mine under provisional administration unless the mine was reopened, and tax payments were made – even though gold exports remain blocked.

It is regrettable that the Government continues to obstruct gold exports while simultaneously demanding tax payments on revenue it has actively prevented from being realised.

Barrick remains ready to honour the agreement envisioned by both partners and stands prepared to immediately restart production.  This would unlock substantial revenue for the country, including tax and royalty flows that form a very significant part of the national budget.  This would also see the dropping of unfounded criminal charges against its employees and their release from detention.

The consequences of the Government’s continued inaction are serious both from an economic and human angle.  The long-term viability of one of Mali’s most strategic mining assets and a key contributor to the national economy is at risk.  Barrick brings the unique expertise required to successfully operate this world-class mine.  In addition, four innocent Malian citizens continue to be deprived of their freedom, without any justification nor prospect for a quick solution. 

Barrick has long been a committed partner to the people of Mali and a reliable corporate citizen, consistently supporting local content and economic development, even in times of uncertainty.  As private banks face mounting pressure to keep the country afloat, Barrick has continued to meet its obligations in good faith, paying wages, sustaining workers and contractors’ livelihoods as well as the broader supply chain.  However, this situation is not sustainable for the longer term.

While Barrick continues to seek a constructive solution, it remains prepared to pursue international arbitration and legal remedies against the Government and any individuals or entities, acting in bad faith.

Barrick urges the Government of Mali to act now in the interest of its people and the national economy by concluding the agreement which stands ready to be implemented.