Mali’s military government is seeking over 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold as part of a broader effort to increase revenue from mining companies. This move follows an audit of mining contracts and a push to renegotiate agreements under a new mining code, which could see state and private interests in mining projects rise to 35% from 20%, while also reducing tax breaks.
Last month, Malian authorities briefly detained four local Barrick employees, and the Canadian mining giant has since been negotiating with the government to resolve claims. Barrick, which operates the Loulo-Gounkoto mines with an 80% stake, has reportedly been presented with a tax bill covering unpaid taxes and dividends from 2020-2022. While Barrick’s 2023 report notes tax collection notices for around $417 million, sources suggest the amount owed could be as high as 500 billion CFA.
Mali’s push for higher mining revenues mirrors similar actions by neighboring Burkina Faso and Niger. While Barrick is negotiating a resolution, other companies like B2GOLD and Allied Gold have already signed new contracts with Mali, contributing an additional 245 billion CFA annually to the state.
Speculation has arisen that Mali could offer stripped permits to Russian firms, especially following the country’s closer military ties with Russia, though no such transfers have occurred so far.
