Mali’s military-led government has seized over one ton of gold bullion from Barrick Gold Corp, just days after the country’s junta leader, Colonel Assimi Goïta, signed a controversial law granting himself an indefinite presidential mandate.
According to Barrick, state helicopters landed without notice and confiscated about 35,000 ounces of gold, valued at $117 million, citing evolving intentions that may include state resale. The Canadian mining giant described the action as unauthorized and disruptive, saying they are still assessing the implications.
This development follows a pattern across West Africa, where military regimes have begun asserting control over lucrative mineral assets.
In recent weeks, Niger’s junta took over a French-owned uranium mine (Orano SA).
Guinea terminated its agreement with Emirates Global Aluminium PJSC.
Experts say Mali’s move is driven by the need to secure critical revenue, particularly from gold — the country’s primary source of foreign exchange.
“Securing gold revenue, with or without Barrick, is strategically important,” said Jeremiah Enoch, a risk adviser at J.S. Held Ltd. “Proceeds may also be used to fund urgent national priorities, including security and fiscal demands.”
The situation has cast serious uncertainty over foreign mining operations in Mali and could accelerate a broader resource-nationalization trend across the Sahel region.