Barrick Mining Corp. slumped in pre-market trading after the Canadian miner posted a net charge of $1.04 billion related to the seizure of its vast Loulo-Gounkoto gold complex by Mali’s military junta.
The loss was due to “the deconsolidation of Loulo-Gounkoto following the change of control,” the company said in a second-quarter earnings report on Monday. The impact on earnings was partly offset by a gain of $745 million on the sale of its 50% interest in the Donlin Gold project in Alaska.
Barrick’s woes in Mali escalated in June when a court ruled that management of one of the miner’s biggest operations should be handed over to a state-appointed accountant and former health minister for six months.
A dispute over mining proceeds has already seen Mali detain four Barrick employees and block gold exports from the mine, which the company shuttered in January. The standoff means the…
