US Edition
Mali plans to sell gold reserves at Barrick complex to fund operations
MALI, JUL 8 – The Malian government aims to use proceeds from a one-ton gold sale, valued at about $107 million, to cover operational costs after restarting the Loulo-Gounkoto mine post-suspension.
- Malian court-appointed administrator plans to sell one metric ton of gold to fund operations after the plant resumed Monday following a six-month suspension due to a dispute with Barrick Gold.
- Following a two-year tax dispute and seizure of gold stocks, Mali’s military-led government halted operations in January and plans to sell gold to fund the complex’s restart.
- Sources indicate Mali plans to sell about US$107 million worth of gold, separate from the three tons seized in January, to fund operations as the site resumes activity.
- Following the sale plan, funds will cover salaries, but on-site staff remain unpaid since January, with contractors facing layoffs amid operational challenges.
- Beyond Mali, the restart without Barrick’s involvement could set a regional precedent for state-led intervention, with normal operations expected to resume in about four months under new management.
Insights by Ground AI
Does this summary seem wrong?
30 Articles
30 Articles
Mali Begins Selling Gold Taken From Canadian Mining Giant
What happens when a government seizes a gold mine? In Mali, it means selling off precious reserves to get things running again.Authorities in junta-led Mali have started offloading gold from the Loulo-Gounkoto mine—a major complex previously run by Canadian mining giant Barrick. The move comes weeks after a court handed temporary operational control to a government-appointed administrator.The mine, one of the world’s largest, hadn’t produced a s…
Coverage Details
Total News Sources30
Leaning Left2Leaning Right6Center8Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
13%
C 50%
R 38%
Factuality
To view factuality data please Upgrade to Premium
