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.

Canada’s Barrick Gold has suspended operations in Mali after the government seized gold from the company in an escalation of a dispute between the military junta and international mining groups.

Canada's Barrick Gold has confirmed the suspension of its operations in Mali after the government seized gold stocks from the Loulo-Gounkoto mining complex. Barrick holds an 80% stake in the mining complex,

Mali's government has begun enforcing a provisional order to seize gold stock at Barrick Gold's Loulo-Gounkoto site, the Canadian miner said in a note to Malian staff, warning again that it may have to suspend operations at the complex.

The Malian military government seized around three metric tons of gold from Barrick Gold's Loulo-Gounkoto complex, valued at $245 million. This action comes amidst a long-standing dispute over mining contracts.

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.