A Malian judge has ordered the return of 3 metric tons of gold, seized nearly a year ago from Barrick Mining’s Loulo-Gounkoto complex, to the Canadian miner, according to two people familiar with the matter.
The gold, valued at approximately $400 million, was confiscated in January via a military helicopter following a judicial order and has been held at BMS Bank in Bamako since then.
While the judge mandated its return, Barrick is responsible for transporting the gold from the bank vaults, the sources said, according to Reuters.
The two sides reached an agreement last month to resolve their two-year dispute over Barrick’s operations under Mali’s new military-led government mining code.
The disagreement had led Barrick to suspend operations in January and prompted a Malian court-appointed provisional administrator to take control in June.
Barrick agreed to a settlement reportedly worth $430 million, according to two sources and a third person. Control of the mining complex is expected to be returned to Barrick next week, all three sources said.
Four Barrick employees imprisoned since November 2024 were released last month as part of the settlement, and Barrick dropped its international arbitration case against Mali.
A Barrick spokesperson declined to comment, and Mali’s mines ministry did not immediately respond to requests for comment.
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