Malian justice has issued an arrest warrant for Mark Bristow, CEO of the Canadian company Barrick Gold, co-owner with the Malian state of one of the largest gold complexes in the world. This decision, made amid rising tensions between the company and Malian authorities, was confirmed by sources close to the case on Thursday.
The arrest warrant, signed this week, accuses Mr. Bristow of money laundering. Four Malian employees of Barrick Gold were already charged and placed in detention at the end of November in connection with the case. While Mr. Bristow, a South African national, is also charged, he is not believed to currently be in Mali.
Another arrest warrant was issued the same day against Cheikh Abass Coulibaly, the Malian general manager of the Loulo-Gounkoto complex, on similar charges.
The Loulo-Gounkoto complex, located in western Mali, is 80% owned by Barrick Gold and 20% by the Malian state. The accusations against the company involve a dispute over the distribution of economic benefits from gold mining. In a statement released at the end of November, Barrick Gold mentioned a legal dispute regarding the state’s share.
Since taking power in 2020, the Malian military authorities have intensified their fight against corruption and emphasized national sovereignty over natural resources, particularly in the mining sector, which is strategic for the country. Gold alone accounts for 25% of the national budget and 75% of Mali’s export revenue.
To increase revenue from natural resources, the Malian government announced on Wednesday evening a series of decrees increasing its stake in several gold and lithium mining projects. The state will take a 30% stake in the Bougouni and Goulamina projects, operated by Kodal Minerals (UK) and Ganfeng Lithium (China), respectively. A 30% stake is also planned for the Korali-Sud project, developed by Allied Gold (Canada), and 20% in the Nampala mine, operated by Robex (Canada).
These changes were made possible by the adoption of a new mining code in 2023 and the revision of existing mining agreements. According to the government, these measures aim to ensure a better distribution of mining revenues between the state and operating companies.
The situation underscores the Malian authorities’ determination to rebalance power dynamics with multinational companies operating in the country while strengthening national management of strategic resources.