News & Current Affairs
Mining Multinationals are Learning to do Business with Juntas
Barrick Gold, the world’s second-largest gold producer, has reached an agreement with Mali’s government, ending a nearly two-year dispute that had halted mining operations contributing up to 10% of the country’s GDP. Initially facing a $5.5 billion tax demand, Barrick will now pay $438 million. In exchange, Mali will release four jailed employees and return seized gold ore. CEO Mark Bristow remains optimistic, emphasizing dialogue in navigating Africa’s volatile regulatory landscape. This resolution highlights the broader challenges mining firms face in politically unstable regions, where governments increasingly seek greater control over natural resource revenues.
Source: The Economist
