Canada’s Barrick Mining has officially resumed operational control of its gold mine in Mali, according to a company memo seen by Reuters.
The memo, sent by Sebastiaan Bock, Director of Operations for Africa and the Middle East, stated that Barrick will restart production gradually and prioritize mandatory training for employees and contractors.
The resumption follows an agreement reached last month to resolve a dispute over Barrick’s operations in Mali after two years of negotiations.
The disagreement stemmed from the implementation of a new mining code introduced by Mali’s military-led government, which led Barrick to suspend operations at its gold mining complex in January.
A Malian court-appointed provisional administrator took control of the site in June. According to a source, Barrick agreed to a settlement valued at $430 million.
Don’t Miss This:
Barrick Employees Released From Mali Prison After Deal, Sources Say
Last week, a Malian judge ordered the return of Barrick’s three metric tons of gold, which had been seized by the country’s military government nearly a year ago.
The gold, worth about $400 million, was confiscated in January via a military helicopter following a court order and has been held at the BMS Bank in Mali’s capital, Bamako, since then, according to two people familiar with the matter.
Barrick, which counts activist investor Elliott Capital among its shareholders, has announced plans to focus on its North American operations, including a potential IPO under interim CEO Mark Hill.
Shares of Barrick were trading 1% higher on the Toronto Stock Exchange on Thursday afternoon.
Don’t Miss This:
Fortuna Mining Targets Mid-Sized Gold Assets To Restore Output
Image Cedit: Barrick Mining
