Canadian firm Barrick Gold said on Tuesday it was temporarily suspending operations at its Loulo-Gounkoto mine in Mali after the Malian government seized gold stocks from the site amid a months-long revenue dispute.
The West African state's military rulers have stepped up pressure on foreign firms after promising a fairer distribution of revenue from the country's lucrative mining industry.
Barrick Gold and the Malian state have been at loggerheads over the underground, open-pit Loulo-Gounkoto site in the country's west – one of the world's largest gold complexes.
"The company remains restricted from shipping gold from the Loulo-Gounkoto mining complex," Barrick Gold said in a statement published on Tuesday.
Working towards resolution
The company said that Malian authorities had additionally carried out an interim attachment order by moving the existing gold stock on site to a custodial bank.
"As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution," the company said.
The Canadian firm owns 80% of the Loulo-Gounkoto mine, with Mali retaining the rest.
The country's military leaders, who seized power in a 2020 coup, have been blocking shipments from the site for more than seven weeks.
Ferried in aircraft
Malian authorities sent a helicopter to Loulo-Gounkoto on Saturday to make the gold seizure, a security source told AFP.
It took away more than three tonnes, a source in the mining industry said on condition of anonymity.
When questioned, Barrick Gold repeatedly did not confirm the quantity of gold on site or its value.
Despite being one of the leading gold producers in Africa, Mali is among the poorest countries in the world.
Gold mining provides a quarter of the national budget, three-quarters of export earnings and 10% of Mali's economic output.
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