Barrick Gold Stock Falls After Mali Issues Arrest Warrant To CEO Over Fraud Charges: Retail Empathetic

Shares of Barrick Gold fell by over 2% in mid-day trading on Thursday after Mali reportedly issued an arrest warrant for the company’s CEO, Mark Bristow, accusing him of fraud.

The arrest warrant is the latest development in the escalating tensions between the government of Mali, one of Africa's top gold producers, and miners operating in the country after Mali revised its mining code. 

According to a document seen by Reuters, Bristow is accused of money laundering and violation of financial regulations.

Authorities in Mali have already arrested, charged, and detained four senior local employees of Barrick in September over the dispute. 

They are now awaiting trial until the authorities resolve how to divide the economic benefits of Mali’s biggest gold mine, the Loulo-Gounkoto complex – operated by Barrick Gold. 

The operation accounted for nearly 14% of the Toronto-based company’s annual gold production and almost 12% of total revenue last year.

Barrick Gold Sentiment and Message Volume on Dec 5 as of 1:45 p.m. ET | Source: Stocktwits

Despite the news of the arrest, retail sentiment around Barrick Gold improved to ‘neutral’ (45/100) from ‘bearish’ a day ago along with an uptick in chatter to ‘high’ as some users on the platform empathized with the company.

Since taking control in 2020, Mali's military government has strengthened ties with Russia and brought in Kremlin-linked mercenaries to fight an Islamist insurgency, prompting the withdrawal of European and UN peacekeepers.

Facing financial strain, Mali's authorities have pressured miners to settle claims from a sector-wide audit, which Barrick described as "legally and factually flawed." 

The government is negotiating over $840 million in settlements with major miners, including Barrick, which has yet to reach an agreement. Mali is also revising its mining code to increase royalties tied to gold prices. 

However, despite Barrick's $370 million settlement offer, the government has threatened to revoke Loulo’s permits in 2026.

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