Mali Issues Arrest Warrant for Barrick CEO Mark Bristow of Rangold Fame on Tax Dispute

Mali’s military junta has issued an arrest warrant for Mark Bristow, CEO of Barrick Gold Corp., in the midst of a tax dispute involving the company’s profitable Loulo-Gounkoto gold mine. Tensions between the two parties have been escalating over the issue.

The West African nation, which is the continent’s second-largest gold producer, is pressing for greater financial benefits from its mining sector to bolster a struggling economy. The arrest warrant comes amid allegations of money laundering and an ongoing audit dispute with Barrick, which operates one of the country’s largest gold mines.

Bristow, who has spent three decades building some of Africa’s richest gold mines, has earned a reputation for navigating challenging political environments. In 2012, when soldiers overthrew Mali’s government, his company Randgold Resources Ltd. was granted permission to continue operations and fly gold out of the country despite border closures. However, relations with Mali’s current military government, led by General Assimi Goita, have deteriorated.

The dispute centers around Barrick’s Loulo-Gounkoto mine, a high-quality asset producing more than 500,000 ounces of gold annually. Barrick, which has invested over $10 billion in Mali through its subsidiary Randgold, has offered $370 million to settle the tax claims from a disputed government audit. However, the government is demanding more, and four Barrick employees were detained last month over the allegations.

This tax conflict is part of a broader trend in Mali’s mining sector. The junta, which took power in 2020, has sought to extract greater value from the country’s natural resources. It has pushed major mining firms to settle claims from sector-wide audits, with agreements totaling over $840 million either concluded or under negotiation. Companies are also being pressured to transition to a new mining code introduced last year, which increases the government’s stake in mining operations and hikes royalty payments.

Bristow’s Loulo-Gounkoto mine faces the risk of losing a key permit in 2026 if the dispute is not resolved. Barrick has denied any wrongdoing, calling the audit’s findings “legally and factually flawed.” The company has proposed raising the government’s share of economic benefits to 55% and has already paid the first $85 million as part of the settlement being discussed. Despite ongoing tensions, Bristow remains committed to reaching a resolution with the government to secure the long-term future of the mine.

Mali’s push for higher mining revenues comes at a time when its relationship with Russia has deepened. The junta has hired Russian mercenaries to help combat an Islamist insurgency, and the country’s pivot away from traditional Western partners, such as the U.S. and France, has marked a shift in its geopolitical landscape. As part of this realignment, Mali has targeted its gold sector as a source of vital funding, with mining companies contributing 92% of the approximately $1.1 billion paid to the Malian state last year.

The current political climate in Mali has created uncertainty for investors. Despite this, some industry figures believe the country remains attractive for gold mining. Phil Russo, managing director of Toubani Resources Ltd., stated that Mali offers competitive opportunities to build gold mines, though recent regulatory changes have made negotiations more complex.

The arrest warrant for Bristow and Barrick’s other managers reflects the increasing risks of operating in Mali under the military government. Analysts, including Peter Leon from law firm Herbert Smith Freehills, warn that Mali’s approach could deter future investment. The regime’s heavy-handed tactics, he said, are “short-sighted” and unlikely to promote confidence in the country’s mining sector.

As Mali’s gold industry faces increasing scrutiny, neighboring countries like Niger and Burkina Faso are also reexamining their natural resource contracts. Across the region, geopolitical shifts and growing demands for greater control over resources are reshaping how governments engage with international mining companies. The outcome of Barrick’s tax dispute in Mali could set the tone for future negotiations between African governments and global mining giants.

Source: SKB Journal