DAKAR - 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.

Around three metric tons had been taken from the mining complex in western Mali on Saturday, two sources told Reuters on Monday, with one putting the value of the gold at $245-million. In a letter to the Malian government on Monday, Barrick said the seizure meant it would now be "obliged" to temporarily suspend mining operations at the Loulo and Gounkoto mines.

The seized gold will be transported to the state-owned Banque Malienne de Solidarite (BMS) in the capital Bamako, two sources said.

Barrick shares on the Toronto stock exchange were down 1.9% shortly before the close of trading on Monday.

One source said eyewitnesses at the mining complex had described gold being shipped in two separate air force helicopter loads. The second source said the seizure was part of a confiscation order that a judge issued last week.

In its letter to the Malian government, Barrick said the seizure of the gold meant it was no longer covered by Barrick's insurance. It added that it was waiting for confirmation that the gold removed from its site had arrived at the Banque Malienne de Solidarite and for proof that the gold held there was insured.

In a separate court order, dated January 2 and also seen by Reuters on Monday, Judge Boubacar Moussa Diarra had ordered the seizure of the stock and said Mali's economy ministry claimed the two mines operated by Barrick in the country owed a total of $5.5-billion to the government, a much higher figure than previously estimated.

Barrick has been in a dispute with Mali's government since 2023 over a contract based on new mining rules. The row has escalated several times, with Mali detaining senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.

On Friday, the International Centre for Settlement of Investment Disputes registered Barrick's request for arbitration proceedings against Mali, according to public documents.

Military governments in Mali, Burkina Faso and Niger are all seeking to renegotiate terms to gain a bigger share of mining revenue at a time when gold prices have hit record highs.

Neither Barrick nor the Malian authorities immediately responded to requests for comment.

The sources spoke on condition of anonymity as they were not authorised to discuss publicly the confidential orders.

Barrick said in a note to Malian staff on Sunday that the government had begun enforcing an order to seize the gold, and warned again that it may have to suspend operations at the complex over the long-running dispute.

Jefferies analysts have estimated that suspending production at the mine could cut Barrick's earnings before interest, tax and amortisation by 11% in 2025.

Mali had previously demanded about $500-million in unpaid taxes from Barrick, sources told Reuters. Barrick denies any wrongdoing. The company's quarterly earnings report says it did pay $85-million to the Malian government in October.

Barrick warned last month of a significant deterioration of conditions at Loulo-Gounkoto, with employees detained without cause and shipments of bullion blocked. The company owns 80% of the mining complex, with the Mali government owning 20%.