Barrick Falls After Posting $1 Billion Charge on Mali Mine
The Loulo-Gounkoto gold mine complex in Loulo, Mali.
Photographer: Simon Dawson/Bloomberg
Barrick Mining Corp. shares fell after the Canadian miner posted a net charge of $1.04 billion related to the seizure of its vast Loulo-Gounkoto gold complex by Mali’s military junta.
The loss was due to “the deconsolidation of Loulo-Gounkoto following the change of control,” the company said in a second-quarter earnings report on Monday. The impact on earnings was partly offset by a gain of $745 million on the sale of its 50% interest in the Donlin Gold project in Alaska.