Malian judge orders return of gold to Canada's Barrick Mining

A judge in Mali has ordered the return of three metric tonnes of gold worth about $400 million to Canada’s Barrick Mining.

It was seized by military helicopter in January from the company’s Loullo-Gounkoto complex following a confiscation order by a judge.

The gold has reportedly been held since then in a bank vault in the country’s capital, Bamako.

January’s seizure order came under Mali’s new mining code introduced by the military-led government which aims to strengthen the state’s share of extractive revenues.

Gold is a pillar of the national economy and represents more than 70 per cent of the country’s exports.

The two sides reached an agreement last month to resolve their dispute over Barrick's operations in Mali after two years of negotiations.

The company, Mali’s leading gold operator, had suspended some operations after the seizure, denouncing the measure which it said was contrary to contractual obligations.

The provisional administrator of the mining complex named in January is reportedly set to return control of Loullo-Gounkoto to Barrick next week.

Also under the deal, Barrick agreed to pay a $437 million settlement and withdraw its arbitration claims against Mali.

The government, in return, will drop its charges against the company and four Barrick employees detained since November last year have been released.