Gold Tensions: Mali's Bold Move at Loulo-Gounkoto

A Malian military helicopter transported gold from Barrick's Loulo-Gounkoto site amid a legal dispute. A court-appointed administrator aims to finance operations by selling the gold, but Barrick deems this plan illegitimate. Operations restarted at the site, but negotiations over a new mining code continue.

A military helicopter from Mali has been involved in transporting gold from the Barrick-owned Loulo-Gounkoto mining site. This follows a report that a court-assigned administrator intends to sell the bullion to fund operations. Barrick had stopped operations after disputes with the government over a new mining code.

The helicopter departed with gold on board after a five-hour stay at the site. Barrick, in a statement, criticized any plans to sell the gold, describing it as illegitimate. Originally, a ton of gold had been stored at the site since January after a judge ordered its storage in a bank vault.

Former Health Minister Soumana Makadji, the provisional administrator, plans to finance operations by selling gold. While drilling has not commenced, the plant's ore processing operations resumed on Monday. According to sources, it will take up to 13 days to produce new gold bars.

(With inputs from agencies.)