Mali selling gold from mine seized from Canadian firm

Bamako: Authorities in junta led Mali are selling gold from a major mine seized from Canadian firm Barrick last month, with the aim of restarting oper...

Bamako: Authorities in junta-led Mali are selling gold from a major mine seized from Canadian firm Barrick last month, with the aim of restarting operations, official sources told AFP Thursday.

A court ruled in June that the western Loulo-Gounkoto mine, one of the world's largest gold complexes, would be managed for six months by a government appointed official instead of the Toronto-based firm.

No mining had taken place at Loulo-Gounkoto since January when Malian authorities seized some three tonnes of gold from the mine's reserves.

The new administrator is selling some gold stock to finance the restarting of operations, an economy ministry source told AFP.

The Malian government and Barrick have been at loggerheads as Bamako attempts to assert greater control of its riches, including by raising royalties from foreign miners.