Reuters was first to report that Malian authorities had seized around 3 tons of gold from a mining complex owned by Canadian miner Barrick Gold in the west of the country, taking the precious metal away by helicopter, as a long-running dispute between the military regime and the world’s second biggest gold producer over its mining contract escalated. Barrick’s shares fell 1.9% on the Toronto Stock Exchange after the story was published.
Why it matters
The seizure, which led Barrick to announce that it would suspend operations in Mali, is part of a wider standoff between West African military governments seeking a bigger share of mining revenues and global mining companies which have invested billions of dollars in the region and now face a new set of game rules. It could also deter further foreign investments, given the unpredictability of the West African juntas.
The post Barrick to suspend operations in Mali after gold seized appeared first on Reuters News Agency.
Continue reading...
Why it matters
The seizure, which led Barrick to announce that it would suspend operations in Mali, is part of a wider standoff between West African military governments seeking a bigger share of mining revenues and global mining companies which have invested billions of dollars in the region and now face a new set of game rules. It could also deter further foreign investments, given the unpredictability of the West African juntas.
The post Barrick to suspend operations in Mali after gold seized appeared first on Reuters News Agency.
Continue reading...
