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BARRICK GOLD CORPORATION

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Barrick Gold says Mali mines unaffected by ECOWAS sanctions

01/10/2022 | 09:44am EDT

JOHANNESBURG, Jan 10 (Reuters) - Barrick Gold, which owns Mali's biggest gold mine complex Loulo-Gounkoto, said on Monday its mines in the country have "thus far not been affected" by sanctions imposed by the Economic Community of West African States.

The 15-state regional bloc imposed tough economic sanctions, and said it would also shut borders and sever diplomatic ties, in response to Mali's delay in holding elections following a 2020 military coup.

Barrick said its mines had sufficient stocks and stores to continue operating normally, adding however that the situation was "very fluid" and it was monitoring it closely.

Mali is one of Africa's biggest gold producers, with mining contributing around 10% of its gross domestic product (GDP).

Companies like Barrick, B2Gold and Resolute Mining operate large mines in the country while many smaller companies are exploring for gold there.

Hummingbird Resources, which owns the Yanfolila gold mine, said it was evaluating the risks to its supply chain from economic sanctions.

"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. Its shares were down 5% in London.

A spokesperson for Cora Gold, which plans to start building its Sanankoro gold mine in Mali this year, said the board was monitoring the situation and operations in Mali are continuing as normal.

B2Gold and Resolute did not immediately reply to requests for comment on the possible impact of the sanctions. (Reporting by Helen Reid; editing by Jason Neely, Emelia Sithole-Matarise, William Maclean)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
B2GOLD CORP. 4.72% 5.32 Delayed Quote.2.01%
BARRICK GOLD CORPORATION 4.36% 26.56 Delayed Quote.5.82%
CORA GOLD LIMITED -2.07% 7.1 Delayed Quote.-23.40%
GOLD -0.10% 1840.61 Delayed Quote.-0.81%
HUMMINGBIRD RESOURCES PLC -1.89% 13 Delayed Quote.-8.62%
RESOLUTE MINING LIMITED 1.64% 0.31 Delayed Quote.-21.79%
S&P GSCI GOLD INDEX -0.08% 1074.99 Real-time Quote.-0.18%
SILVER -0.13% 21.848 Delayed Quote.-7.20%
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Financials (USD)
Sales 2022 12 131 M - -
Net income 2022 2 041 M - -
Net cash 2022 804 M - -
P/E ratio 2022 15,7x
Yield 2022 3,73%
Capitalization 36 893 M 36 893 M -
EV / Sales 2022 2,97x
EV / Sales 2023 2,80x
Nbr of Employees 17 500
Free-Float 99,4%
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Number of Analysts 24
Last Close Price 20,73 $
Average target price 27,98 $
Spread / Average Target 35,0%
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Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer
John Lawson Thornton Co-Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
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