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Burkina Faso

Sahel’s juntas challenge western miners in geopolitical gold rush

The fight over one of the world’s biggest gold mines points to the changing balance of power in the region

The stand-off between General Assimi Goïta’s military regime and Canada’s Barrick Gold has reached a critical point with the mining conglomerate suspending work at the Loulou-Gounkoto complex after the government used military helicopters to seize more than three tonnes of gold, worth around US$245 million on 11 January. Loulou-Gounkoto, 300 kilometres west of Bamako, is one of the world’s biggest gold mines in which Mali has 20% of the equity and Barrick has 80%. After increasing last year by 27%, gold prices are over US$2,700 an ounce. The Bank of America forecasts they could hit an unprecedented $3,000 this year.

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