Barrick suspends its Mali mine

Article Excerpt

BARRICK GOLD, $22.66, is a buy. The miner (Toronto symbol ABX; TSINetwork Rating: Average) (www.barrick.com; Shares o/s: 1.7 billion; Market cap: $40.0 billion; Dividend yield: 2.5%) has suspended operations at its Loulo-Gounkoto mine in Mali. The company owns 80%, while a state-owned firm holds the other 20%. The dispute with Mali’s military junta dates back to 2023 and includes demands that Barrick pay $500 million U.S. in back taxes. Mali also wants to increase its stake to 35%. Barrick now aims to settle the dispute through arbitration. But a long shutdown seems unlikely as the mine is a major contributor to Mali’s economy. Barrick Gold is still a buy. buy…