Mali slapped with sanctions; Barrick Gold's Loulo-Gounkoto complex unaffected

Barrick Gold Corp. said Jan. 10 that its Loulo-Gounkoto gold mine complex remains unaffected by the sanctions imposed by the Economic Community of West African States, or ECOWAS, on Mali, Reuters reported Jan. 10.

The 15-state regional bloc slapped Mali with economic sanctions after the African nation's transitional authorities delayed elections, originally agreed next month, until December 2025 following a 2020 military coup, according to an Aljazeera report. The sanctions include closing borders with Mali, cutting diplomatic ties, suspending nonessential financial transactions, and freezing Mali's state assets held in ECOWAS central and commercial banks.

Barrick said it has sufficient resources at its mines in Mali to continue operations normally. The TSX-listed firm, however, noted that it is closely monitoring the "very fluid" situation.

Meanwhile, Hummingbird Resources PLC, the owner of the Yanfolila and Solona gold projects, said it is still assessing the risks brought by the situation.

"The company is evaluating the immediate risks to our supply chain and whilst all plans will be made to minimize the potential impact, it is too early to say how these sanctions may potentially affect our business," Hummingbird said in a statement.

Cora Gold Ltd., which plans to start developing its Sanankoro gold project in Mali this year, is also keeping an eye on the circumstances, its spokesperson told Reuters. B2Gold Corp. and Resolute Mining Ltd., which also have operations in Mali, did not immediately respond to the news wire's request for comments.