The Globe and Mail reports in its Thursday edition that Barrick is seeking international arbitration against Mali, escalating a long-running fiscal fracas between the gold miner and the West African country. The Globe's Niall McGee writes that Barrick on Wednesday said it has filed a request for arbitration to the International Centre for the Settlement of Investment Disputes over the situation involving its Loulo-Gounkoto mining operations. Mali is blocking Barrick from shipping gold out of the country. The two Malian mines account for about 14 per cent of the company's earnings. Mali's military junta, which seized power in a 2021 coup, has been applying extreme pressure on foreign mining companies in a revenue squeeze. Mali has also forged close links to Moscow in recent years, recruiting an estimated 1,000 Russian soldiers. Two other mining companies both recently settled fiscal disputes with Mali, but at a significant cost. The country has been seeking at least $417-million (U.S.) from Barrick. Several of Barrick's senior managers in Mali were imprisoned on Nov. 25, and an arrest warrant alleging money laundering and other financial violations was later issued for Barrick chief executive officer Mark Bristow.
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