Mali Issues Arrest Warrant for Barrick Gold CEO Amid Tax Dispute
Bamako, Friday, 6 December 2024.
Mali has issued an arrest warrant for Barrick Gold CEO Mark Bristow, accusing him of money laundering amid a $500 million tax dispute, impacting international mining and investor confidence.
Legal Action Details
The arrest warrant for Mark Bristow was issued on December 5, 2024, with Mali’s authorities specifically citing accusations of money laundering and financial regulation violations [1][2]. This development comes as Mali seeks approximately $500 million in allegedly unpaid taxes from Barrick Gold [2]. The situation has already affected market confidence, with Barrick’s stock experiencing a decline of more than 15% in the fourth quarter of 2024 [2].
Broader Context and Recent Events
This legal action follows a pattern of increasing pressure on foreign mining operations in Mali. In October 2024, four Barrick employees were detained by Malian authorities [2]. The situation reflects broader tensions since Mali came under military rule in 2020 [2]. Prior to the warrant’s issuance, Bristow had been working since September 30 to finalize a memorandum of agreement with the government regarding the state’s share of economic benefits from mining operations [2].
Mali’s Strategic Mining Sector Changes
The arrest warrant coincides with Mali’s broader strategy to increase state control over its mining sector. The government has recently implemented new decrees that increase state ownership in mining ventures [5]. This includes plans for the state to take a 30% stake in various mining operations, marking a significant shift in the country’s approach to foreign mining investments [5]. These changes are particularly significant given that Barrick Gold currently operates the Loulo-Gounkoto complex, where the Malian government holds a 20% stake [5].
Industry-Wide Implications
This situation mirrors recent events involving other mining companies in Mali. For instance, Resolute Mining recently resolved a similar dispute by agreeing to pay approximately $160 million to settle tax claims [2]. The pattern of detaining foreign officials has become increasingly common as Mali’s government, currently isolated from Western aid and under sanctions, seeks to extract more revenue from its mining sector [2]. Barrick Gold has maintained its position, stating they ‘will not be commenting’ on the reported arrest warrant [1][2].