Barrick Mining is burning through $15 million a month to maintain operations at its Mali site, yet CEO Mark Bristow admitted Wednesday that the company has no knowledge of where Mali’s government is storing the gold it confiscated from the Canadian miner.

In a candid interview discussing the protracted standoff with authorities in the West African nation, Bristow criticized Mali's government for repeatedly reneging on agreements to resolve a tax dispute and condemned the detention of Barrick staff as a violation of human rights.

“You have four executives from a Western company sitting behind bars—this is nothing short of a human rights abuse,” Bristow said. He emphasized that these jailed executives had contributed more to Mali's development than the very officials now leading negotiations. “We’ve been told the gold is under secure custody, but honestly, we have no concrete confirmation of its whereabouts.”

Barrick has been locked in a bitter dispute for over six months regarding its flagship Loulo-Gounkoto mine, Mali’s largest. Tensions escalated in January when Malian authorities seized roughly 3 metric tonnes of gold—valued at around $318 million at current market rates—and detained four Barrick employees after accusing the company of failing to meet tax obligations. The conflict prompted Barrick to suspend mine operations.

Despite the ongoing challenges, Barrick reported better-than-expected first-quarter profits on Wednesday, thanks to surging gold prices that cushioned the impact of reduced output. Production was lower due to the Mali mine shutdown, a significant factor in Barrick’s portfolio.

Asked if the company might consider selling the troubled asset, Bristow—who has overseen Loulo-Gounkoto for nearly 20 years—acknowledged the complexities: “It’s a sensitive topic. This is one of the world’s largest, most intricate mines, and frankly, there are very few entities willing to take on the risks of operating in Mali.”

Bristow is no stranger to geopolitical strife. Under his leadership, Barrick has navigated tense disputes in other challenging regions, including Pakistan and Papua New Guinea. Regarding his tenure, Bristow confirmed plans to stay in his current role until 2028 but mentioned that a succession strategy, supervised by the board, is already in place. “We’ll make it public in due course, but it’s too early to disclose details now,” he noted.

Gold prices soared above $3,100 per ounce in Q1 2025, driven by heightened investor demand for safe-haven assets amid concerns over tariffs and global economic headwinds. Bullion has already climbed 29% this year, following a 27% rise in 2024.

Barrick reaffirmed its 2025 production forecast of 3.15 to 3.50 million ounces, excluding Loulo-Gounkoto until there’s more clarity on when the mine might reopen. “We’ll revise guidance once we have a clearer picture of the restart timeline,” Barrick said.

The Toronto-based miner continues to streamline operations post-merger with Randgold Resources, pushing ahead with plans to sell its Tongon mine in Ivory Coast and the Hemlo site in Canada.

In the first quarter, Barrick’s average realized gold price rose to $2,898 per ounce, up from $2,075 a year earlier, while total gold production fell to 758,000 ounces from 940,000 ounces. The company’s all-in sustaining cost for gold—a key industry measure of total costs—jumped 20.4% to $1,775 per ounce. However, Barrick expects this figure to decrease over the rest of the year as production ramps up.

On an adjusted basis, Barrick posted earnings of 35 cents per share, beating analysts’ average forecast of 28 cents per share, according to LSEG data.