Canada's Barrick Gold said on Monday it would suspend operations in Mali if the country does not lift restrictions on gold shipments within the coming week, as the mining group faces what sources told Reuters amounted to a confiscation order.

The situation in Mali is further complicated by threats from Burkina Faso's junta to strip mining permits and the seizure of a French-run uranium site in Niger.

Major miner Barrick Gold (TSX:ABX,NYSE:GOLD) remains unable to export gold from its Loulo-Gounkoto mining complex in Mali due to ongoing restrictions imposed by the country's government. In a Monday (January 6) press release,

Barrick Gold Corp. said it will have to halt mining in Mali soon if the government doesn’t stop disrupting exports and operations at its mine.

TORONTO, Jan. 06, 2025 (GLOBE NEWSWIRE) -- (NYSE:GOLD)(TSX:ABX) remains restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali. In addition, an interim attachment order has now been issued against the existing gold stock on site which further prevents its export and disrupts normal operations.

Barrick Gold Corp. (GOLD) stock was down more than 1.5% in mid-day trading on Monday after the company issued a one-week ultimatum to Mali's government to lift restrictions on gold shipments. Otherwise,

Barrick Gold threatens to temporarily suspend operations at Loulo-Gounkoto mine in Mali over dispute with government.

Barrick Gold warns of potential suspension at Loulo-Gounkoto mining complex in Mali due to government's gold shipment restrictions. CEO calls situation "unwarranted" and "deeply regrettable." Other foreign miners also facing issues.

The situation has further declined since then. In November, the Malian government arrested and detained four Barrick employees and issued an arrest warrant for Bristow. It has also arrested employees of other mining companies as the state seeks to overhaul its mining sector.

The standoff in Mali, coupled with threats by Burkina Faso's military junta to revoke mining permits and the seizure of a French-operated uranium site in Niger, has raised concerns among Western mining companies.