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.

Barrick Gold Corporation has halted its operations in Mali after the government seized gold stocks worth $245 million Cdn from the company's Loulo-Gounkoto complex.

Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.

Canadian miner Barrick Gold said it will have to suspend mining operations in Mali after the government seized gold stocks from the company's Loulo-Gounkoto complex and flew them out by helicopter over the weekend.

Barrick Gold faces turmoil in Mali as government reportedly executes a provisional order to seize gold stockpiles, threatening operations at Loulo-Gounkoto mine.

Barrick Gold (GOLD) stock is seeing a barrage of options activity after the company suspended operations in Mali

Canada's Barrick Gold said on Monday it would suspend operations in Mali if the country does not lift restrictions on gold shipments within the coming week, as the mining group faces what sources told Reuters amounted to a confiscation order.

Malian authorities have confiscated about 3 metric tons of gold from Barrick Gold's Loulo-Gounkoto mining site due to an ongoing dispute. The gold, valued at $245 million, is now held at Banque Malienne de Solidarite.

Mali’s military junta started executing an interim order to seize gold at a mine run by Barrick Gold Corp., escalating a dispute over the West African government’s share of revenues from the project.