00:26:08 EDT Sat 18 May 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,755,636,101
Close 2024-05-01 C$ 22.52
Market Cap C$ 39,536,924,995
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Globe says Mali wants Barrick to cough up more in taxes

2024-05-02 07:56 ET - In the News

The Globe and Mail reports in its Thursday edition that Barrick is signalling it could be in for a long slog in Mali, as the big Canadian gold miner pushes back on the military government's demands for a greater share of the country's mining spoils. The Globe's Niall McGee writes that Barrick on Wednesday said Mali is seeking unspecified changes to the tax, financial and legal regime at its Loulo-Gounkoto mining operations. The site is on track to produce 535,000 ounces of gold this year and is the company's biggest operation by far in Africa. Mali last year introduced a new mining code that will allow its government and the private sector to acquire up to a 35-per-cent share of mining projects. That is up from 20 per cent, which is the share Mali owns in the Loulo-Gounkoto complex. The new code is set to affect Barrick's operations when its permits come up for renewal. Mali's junta is closely allied with Russia, which has provided upward of a thousand soldiers to the country. Russian troops have been heavily involved in seizing mining sites in Mali and the Central African Republic in recent years, and the United States has accused Russia of using African mining revenue to help finance its global military operations.

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