Barrick faces contractor layoffs in Mali as it plans name change

Barrick Gold (NYSE: GOLD) (TSX: ABX) validated on Monday it prepares to alter its name to Barrick Mining Company at its approaching yearly and unique conference of investors following week.

The business additionally means to alter its ticker icon on the New York Supply Exchange from GOLD to B, efficient at the beginning of trading on May 9, 2025. Barrick’s shares on the Toronto Stock market will certainly remain to trade under the ABX ticker.

The step shows Barrick’s continuous expansion into copper, matching its gold service. The miner is spending $6 billion to establish the enormous Reko Diq copper-gold job in Pakistan, anticipated to start procedures in 2028 and last for at the very least 4 years. It is additionally increasing its Lumwana copper mine in Zambia, intending to place it amongst the globe’s biggest copper procedures.

President Mark Bristow claimed the adjustment highlights Barrick’s vision of ending up being “the globe’s most valued gold and copper expedition, advancement and mining business.”

” Together with our first-rate profile of 6 rate one cash cow, we are developing a significant copper service which will certainly be a significant factor to expanding our manufacturing quantities in the coming years and past,” Bristow said in a statement.

” Gold continues to be core to our structure,” he included, pointing out tasks such as the Pueblo Viejo growth in the Dominican Republic and the Fourmile gold job in Nevada.

Mali disagreement

On The Other Hand in Mali, Barrick encounters installing obstacles as a continuous disagreement with the African country remains to influence procedures at its front runner Loulo-Gounkoto complicated.

A minimum of 4 Barrick subcontractors utilizing numerous employees have actually started giving up team, Reuters reported on Monday, including that some have actually quit getting repayments for months.

According to Reuters, the complying with subcontractors have actually either put on hold tasks or began liquidation treatments:

• BLY Mali, a subsidiary of boring solutions solid Boart Longyear, claimed it is selling off after its agreement suspension left it “irremediably endangered.”
• ETASI, a hefty devices rental business, introduced a complete suspension of its labor force.
• ATC, a steel building and construction business, released discharge notifications after a momentary job deduction ran out.
• MAXAM, a civil nitroglycerins service provider, is preparing a momentary job deduction influencing regarding 120 staff members.
• SGS, a Swiss-based service provider, was given a three-month suspension starting February 1.

Recently, Malian authorities intensified the disagreement with the Canadian miner, which started in 2023 after the present program took power and presented a brand-new mining code, by shutting Barrick’s workplace in Bamako, pointing out claimed tax obligation debts.

Workflow at Loulo-Gounkoto, Barrick’s biggest African property, have actually been put on hold because January after Mali confiscated around 3 tonnes of gold overalleged unpaid taxes Authorities had actually currently been obstructing the business’s gold exports because November.

Regardless of these growths, Barrick’s staff members in Mali have actually proceeded getting wages, a Reuters resource claimed. Around 40 Malian staff members from Loulo-Gounkoto are being momentarily moved to Barrick’s Kibali mine in the Autonomous Republic of Congo, with an overall of 100 team recognized for moving.

In February, Barrick authorized a draft contract to deal with the disagreement, however Mali’s federal government has yet to validate or apply the offer.

( With data from Reuters)