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Barrick Gold, which owns Mali’s largest gold mine advanced Loulo-Gounkoto, mentioned on Monday its mines within the nation have “up to now not been affected” by sanctions imposed by the Financial Group of West African States.
The 15-state regional bloc imposed powerful financial sanctions, and mentioned it could additionally shut borders and sever diplomatic ties, in response to Mali’s delay in holding elections following a 2020 army coup.
Barrick mentioned its mines had enough shares and shops to proceed working usually, including nevertheless that the state of affairs was “very fluid” and it was monitoring it carefully.
Mali is one among Africa’s largest gold producers, with mining contributing round 10% of its gross home product (GDP).
Firms like Barrick, B2Gold and Resolute Mining function giant mines within the nation whereas many smaller firms are exploring for gold there.
Hummingbird Sources, which owns the Yanfolila gold mine, mentioned it was evaluating the dangers to its provide chain from financial sanctions.
“While all plans shall be made to minimise the potential impression, it’s too early to say how these sanctions could doubtlessly have an effect on our enterprise,” Hummingbird mentioned in an announcement. Its shares had been down 5% in London.
A spokesperson for Cora Gold, which plans to begin constructing its Sanankoro gold mine in Mali this yr, mentioned the board was monitoring the state of affairs and operations in Mali are persevering with as regular.
B2Gold and Resolute didn’t instantly reply to requests for touch upon the attainable impression of the sanctions.
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