Mali to sell $107M in gold from Barrick to fund mine restart

The court-appointed administrator of Barrick Mining’s (TSX: ABX; NYSE: B) Loulo-Gounkoto complex in Mali is reportedly planning to sell some of the gold from the mine site to fund an operation restart.

Citing multiple sources,Reuters said on Tuesday. that Soumana Makadji, acting as temporary administrator of the mine operation, intends to sell one metric ton of the gold from the site’s storeroom.

Funds from the planned gold sale could be worth about $107 million and are expected to be used to finance operational expenses, including salaries, fuel and unpaid dues to contractors, the report said.

In addition, Reuters sources have indicated that Makadji has enlisted the state mining company’s chairman and former Loulo-Gounkoto executive Samba Toure to support the mines’ restart, and the plant has already resumed operations after purchasing mining lamps and other equippments currently.