Barrick reported that Malian state helicopters arrived unannounced at one of its sites and took approximately 35,000 ounces of bullion. Valued at $117 million, the gold was “potentially for sale by the provisional administration,” according to a company statement, though the final destination remains unclear.

Mali’s leadership has increasingly emphasized national ownership of mineral wealth. Analyst Jeremiah Enoch noted that gold is Mali’s top source of foreign exchange and said that “securing revenue from it, with or without Barrick, is strategically important.”

Other foreign mining operators, such as Allied Gold Corp. and B2Gold Corp., have reached settlements with the Malian government in previous disputes. In 2023, Mali introduced a mining code mandating higher royalties and larger state stakes in joint ventures.

Political Shift Amid Regional Instability

The gold seizure came shortly after President Goïta signed legislation extending his presidency indefinitely. The new law replaced earlier plans for elections by 2027 and allows him to stay in office “as long as necessary,” citing the country’s ongoing security challenges. Since 2021, Mali has been governed by a military-led administration following successive takeovers.

Despite promises of stabilization, violent incidents linked to al-Qaeda-affiliated Jama’at Nusrat al-Islam wal-Muslimin and Islamic State Sahel Province have intensified, spreading toward Mali’s southern borders with Benin.

Goïta’s decision follows a broader regional pattern where leaderships in neighboring countries like Niger and Guinea have asserted expanded control over key mining operations and extended transitional governments.