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Investing.com -- Shares of Barrick Gold Corporation (NYSE:GOLD) climbed 2.4% after the company reached an agreement with the Malian government, signaling an end to a nearly two-year dispute over mining operations in the country.
The uptick in Barrick Gold’s stock came on the heels of news that the Canadian mining giant had signed a deal potentially resolving its standoff with Mali regarding the Loulo-Gounkoto mine. According to Reuters, citing sources familiar with the matter, the agreement is pending formal approval by the Malian government, with an official announcement expected soon.
Under the terms of the proposed agreement, Barrick Gold will compensate the Malian government with 275 billion CFA (approximately $438 million). This payment is set to secure the release of detained employees, the return of seized gold, and the resumption of operations at the contested mining site.
The conflict between Barrick Gold and Mali began in 2023, stemming from disagreements over the application of Mali’s new mining code, which demands a larger share of profits for the government from the nation’s gold mines.
This development marks a significant step for Barrick Gold in reestablishing its mining activities in West Africa and provides a clearer path forward for the company’s operations in Mali. The financial markets have taken note of the potential for stability and resumed mining production, factors that are likely contributing to the positive movement in Barrick Gold’s stock.
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