Malian ministries of Mines and the ministry of Economy said in a joint statement that Canadian company Barrick Gold, one of the world's largest gold miners, violated the agreement with the country's government made at the end of September over the Gounkoto-Loulo gold mine complex that is located in the western part of Mali, 350 km west of the capital city of Bamako.
"Barrick Gold didn't honor the commitments to which it subscribed in the agreement," the joint statement by the Malian ministry of Mines and Economy said.
The ministries stated that the violations are connected with foreign currency regulations, corporate social responsibility, and the environment. The joint statement noted that the mentioned issues could pose risks for mining operations in the country.
Barrick Gold said in a statement that it stayed in touch with the Malian government and paid $85 million within the agreement.
"As announced by Barrick on September 30, the company and the government agreed on a negotiation framework to achieve a global resolution of their disputes. Since that date, Barrick has been actively engaged with the government in pursuit of such a settlement," the company's press release said.
Mali's military government is requesting at least 300 billion CFA francs ($512 million) in unpaid taxes and earnings from Barrick, according to the Western media report from earlier this month.