A court in Mali has dismissed an appeal by Barrick Mining to free four employees detained since November last year, reported Reuters.
According to Barrick, the employees, arrested on charges including money laundering and violating financial regulations, are facing baseless allegations.
The rejection of the appeal by Judge Samba Sarr was confirmed by the company’s lawyer, Alifa Habib Kone.
Barrick Mining and the Mali Government have been engaged in a dispute over a new mining code since 2023.
The code seeks to increase taxes and government stakes in gold mines including the Loulo-Gounkoto complex, which is 80% owned by Barrick.
Tensions escalated with the suspension of operations and the seizure of Barrick’s gold exports by the Malian authorities.
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By GlobalDataThe four Barrick employees have been held in pre-trial detention in Bamako, as stated on the company’s website.
Barrick has refuted the charges against its staff and continues to negotiate with Mali’s military-run government.
The standoff has significant implications, as Mali accounts for 14% of Barrick’s gold production, with $949m (C$1.29bn) in revenue generated in the first nine months of the previous year.
In addition to the detained employees, Mali issued an arrest warrant for Barrick CEO Mark Bristow, based in Toronto, last December for money laundering and financial regulation violations.
This development occurs amidst a broader trend of gold-rich West African countries, led by military juntas, seeking to renegotiate mining agreements to capitalise on high gold prices.
Last month, Barrick Mining excluded its Mali gold complex from its 2025 production forecast, as tensions rose following a two-year dispute over new mining legislation in Mali.
