(Bloomberg) -- Mali’s military junta started executing an interim order to seize gold at a mine run by Barrick Gold Corp., escalating a dispute over the West African government’s share of revenues from the project.
The authorities started executing the order on Jan. 11 against gold stockpiled at the Loulo-Gounkoto operations, according to a Barrick memo seen by Bloomberg. The order was issued a week ago, according to the Canadian miner.
The world’s No. 2 gold producer is locked in a dispute with the Malian government that centers on the distribution of revenue from the vast Loulo-Gounkoto complex. Shipments from the mine have been blocked since November, the memo said.
A spokeswoman for Barrick declined to comment on the memo, which was first reported by Reuters.
A spokesman for Mali’s mining ministry declined to comment.
Barrick said in a statement on Jan. 6 that it would have to suspend work at the mine if Mali didn’t stop disrupting exports and operations.
Other large producers in Mali – including B2Gold Corp. – have already announced settlements with the government that involve payments to the state and higher royalty rates.
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