Mali has issued an arrest warrant for Barrick CEO Mark Bristow, accusing him of money laundering and financial misconduct, according to Reuters.
This development comes on the heels of last month’s arrest of four employees from Barrick’s Loulo-Gounkoto mining complex in the West African nation. Barrick has stated that it “will not be commenting” on the arrest warrant.
The detention of foreign executives is becoming a recurring theme in Mali, as the government intensifies efforts to extract more revenue from the mining industry. The reason behind the arrests from the Mali Government is that it is demanding around US$500M in unpaid taxes from mining company.
Bristow previously mentioned that since September 30, the company has been negotiating a memorandum of agreement with the government. The agreement aims to define their future partnership, including the state’s share of the economic benefits generated by the mining complex and the legal framework for managing these benefits.
The agreement aims to chart the course of their future partnership, detailing “the state’s share of the economic benefits from the complex” and “the legal framework governing this arrangement.”
“Our attempts to find a mutually acceptable resolution have so far been unsuccessful, but we remain committed to engaging with the government to resolve all claims levied against the company and its employees,” Bristow said in a recent statement.
This comes alongside another ongoing dispute between Aussie miner, Resolute Mining, and Mali’s military government, with the company agreeing to pay US$160M to resolve a tax dispute. The decision also follows the unexpected detention of the company’s British CEO, Terry Holohan, and two other employees 10 days ago. Reports indicate that Holohan and his colleagues were arrested while traveling to Bamako for what they believed would be routine negotiations.
