Barrick Gold Stock Slips As Miner Warns Freezing Mali Operations Over Shipment Curbs: Retail Stays Resilient

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, the company would suspend its operations.

While the company is still restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali – one of the largest gold mines in the world – an interim attachment order has now been issued against the existing gold stock on site, further preventing its export and disrupting normal operations.  

Barrick labeled the order “unwarranted” and claimed it violates agreed-upon dispute resolution mechanisms.

CEO Mark Bristow emphasized that the inability to ship gold not only hinders operational efficiency but also affects the broader economy, including the livelihoods of 8,000 employees and numerous local service providers.

"Barrick remains committed to constructive engagement with the Government of Mali to resolve the existing disputes amicably," Bristow said. 

He reiterated that the company has initiated arbitration through the International Centre for the Settlement of Investment Disputes (ICSID) to address the disagreements while upholding the integrity of its existing agreements.

“If this issue is not resolved within the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto,” the company said in a statement. 

Barrick Gold Corp. Sentiment and Message Volume on Jan 6 as of 1:05 p.m. ET | Source: Stocktwits

Despite the downtick in Barrick Gold’s stock price, retail sentiment on Stocktwits surged to ‘bullish’ from ‘bearish’ a day ago. Chatter also increased to ‘normal’ from ‘low’ levels.

Some retail investors on the platforms were backing the stock on the rationale that anything to do with gold is a safe long-term investment. 

Others argued that the ultimatum could force a resolution to the ongoing standoff.

Bristow said the continued detention, on “unfounded charges,” of several of Barrick’s Malian employees was adding further stress to the company's relationship with Mali’s government.

He added that the company is actively working to secure their release and ensure their well-being. 

Bristow also highlighted Barrick’s nearly three-decade-long commitment to Mali, stating, "We are dedicated to dialogue and finding a resolution that secures Loulo-Gounkoto's future as a vital economic contributor to Mali."

Geopolitical instability in Mali has weighed on Barrick's stock over the past year, with shares falling over 11% during the period.

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