Mali Junta Seeks Arrest Of Barrick CEO Over Money Laundering

Mark Bristow, who has spent three decades navigating civil wars and coups to build some of Africa’s richest gold mines, is now facing pressure from Mali's ruling junta, which is reportedly desperate for cash.

While Barrick has offered $370 million to settle a disputed tax claim, the junta is now accusing Bristow and Loulo-Gounkoto’s general manager of money laundering. I Photo: Barrick

According to a report by William Clowes, Thomas Lourinc, Thomas Biesheuvel, and Katarina Hoije for Bloomberg News, the junta has issued an arrest warrant for Bristow, the CEO of Barrick Gold Corp., amid a dispute over economic benefits from the country's largest gold mine.

This marks a stark contrast to the past.

When soldiers overthrew Mali's government in 2012, the coup leader allowed Bristow’s Randgold Resources Ltd. exclusive permits to fly gold bullion out of the country.

A decade later, a different military regime is at odds with Bristow over how to share the economic spoils of Loulo-Gounkoto, a low-cost mine producing over half a million ounces of gold annually.

Mali is Africa’s second-largest gold producer, and Loulo-Gounkoto is one of Barrick's tier-one assets. Bristow, known for thriving in politically unstable African regions, now faces a challenge unlike any before.

He is credited with fostering resilience by hiring local workers and meeting government expectations for royalties and taxes.

However, Mali’s government has threatened to let a key permit for the mine lapse in 2026.

While Barrick has offered $370 million to settle a disputed tax claim, the junta is now accusing Bristow and Loulo-Gounkoto’s general manager of money laundering. Four other Barrick employees were detained and charged last month, adding to the escalating tensions.