Mali began flying gold out of Canadian miner Barrick Gold's (ABX.TO) Loulo-Gounkoto complex by helicopter on Saturday, four sources close to the situation said, after the military-led government last week ordered the seizure of the stock.
Around three metric tons had been taken, two of the sources told Reuters on Monday, with one putting the value of the gold at $245 million. It was not clear where the gold was taken.
One source said eyewitnesses at the scene had described gold being shipped in two separate helicopter loads. The second source said the seizure was part of the confiscation order that a judge had issued last week.
Barrick has been in a dispute with Mali's government since 2023 over a contract based on new mining rules. The row has escalated several times, with Mali detaining senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.
Military governments in Mali, Burkina Faso and Niger are all seeking to renegotiate terms to gain a bigger share of mining revenue at a time when gold prices have hit record highs.
Neither Barrick nor the Malian authorities immediately responded to requests for comment.
Barrick said in a note to Malian staff on Sunday that the government had begun enforcing an order to seize the gold, and warned again that it may have to suspend operations at the complex over the long-running dispute.
Jefferies analysts have estimated that suspending production at the mine could cut Barrick's earnings before interest, tax, and amortization by 11% in 2025.
Mali has previously demanded about $500 million in unpaid taxes from Barrick, sources told Reuters. Barrick denies any wrongdoing. The company's quarterly earnings report says it did pay $85 million to the Malian government in October.
Barrick warned last month of a significant deterioration of conditions at Loulo-Gounkoto, with employees detained without cause and shipments of bullion blocked. The company owns 80% of the mining complex, with the Mali government owning 20%.
