Barrick Gold Corporation has halted its operations in Mali after the government seized gold stocks worth $245 million Cdn from the company's Loulo-Gounkoto complex.

Mali's military government is holding gold seized from Barrick Gold's Loulo-Gounkoto mine site at state-owned Banque Malienne de Solidarite (BMS), two sources said, as the miner pursues plans to suspend its operations in the country.

Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.

An ongoing dispute over ownership stakes in Barrick’s operation in Mali has led to the arrest of mining officials, the government’s gold seizure and the company’s shutdown of its mine.

Canadian miner Barrick Gold said it will have to suspend mining operations in Mali after the government seized gold stocks from the company's Loulo-Gounkoto complex and flew them out by helicopter over the weekend.

Barrick Gold faces turmoil in Mali as government reportedly executes a provisional order to seize gold stockpiles, threatening operations at Loulo-Gounkoto mine.

Mali’s military junta started executing an interim order to seize gold at a mine run by Barrick Gold Corp., escalating a dispute over the West African government’s share of revenues from the project.

Barrick Gold Corporation GOLD recently stated that it remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Furthermore, the Malian government has executed the interim attachment order on the gold by transferring the current gold stock from the location to a custodial bank,

Barrick Gold suspends mining operations in Mali after government seizes gold stocks from Loulo-Gounkoto complex and flew them out by helicopter over the weekend.