UPDATE 1-Barrick Gold seeks arbitration over Mali gold mine dispute

(Adds details)

By Divya Rajagopal and Vallari Srivastava

Dec 18 (Reuters) – Canadian miner Barrick Gold said on Wednesday it had submitted an arbitration request to the International Centre for Settlement of Investment Disputes, to settle a disagreement with Mali over its Loulo-Gounkoto gold mine complex. Barrick, the world’s second-largest gold miner based on production, and the Mali junta have been in dispute since 2023 over a contract for Barrick based on the country’s new mining rules. The fight has led to several levels of escalation, including Mali issuing an arrest warrant for Barrick CEO Mark Bristow this month. Barrick owns 80% of Loulo-Gounkoto, with the Mali government owning 20%. The miner this week threatened to suspend operations in Mali over deteriorating mine conditions. Jefferies analysts wrote in a note this week that closure of the mine would reduce Barrick’s earnings before interest, taxes, and amortization by 11% next year. (Reporting by Vallari Srivastava in Bengaluru, Divya Rajagopal in Toronto; Editing by Devika Syamnath and Rod Nickel)

(c) Copyright Thomson Reuters 2024. Click For Restrictions – https://agency.reuters.com/en/copyright.html