Canadian company Barrick Gold said on Monday that it opposes its gold mines in western Mali being placed under temporary administration, which the ruling junta has called for in a months-long spat.

The mining giant and the military government are embroiled in a tussle over the Loulo-Gounkoto complex, one of the world's largest gold deposits, in which Barrick has an 80% stake and the Malian state holds the rest.

The ruling junta, which took power following coups in 2020 and 2021, has been ramping up pressure on foreign mining firms after last year reforming the mining code.

Dispute over millions of US dollars

The military wants the state to receive a larger share of profits from extraction activities, including at Loulo-Gounkoto.

Last month, authorities ordered the closure of Barrick's offices in the capital Bamako for "non-payment" of hundreds of millions of dollars of taxes.

They also detained four Malian employees in late November.

On May 8, the Malian government filed a request with Bamako's commercial court to impose the Loulo-Gounkoto site under provisional administration. A decision is due on June 2.

No 'lawful justification': Barrick

"Barrick believes there is no basis – either in law or in practice – for the day-to-day operations at Loulo-Gounkoto to be handed over to a court appointed interim administrator," the company said in a statement.

It decried the "latest escalation" by the Malian authorities, who had already forced it to suspend its activities by seizing three tonnes of gold at the site in January.

"The attempt to interfere with Loulo-Gounkoto's operations is without precedent or lawful justification," it added.

The mine in western Mali near the border with Senegal opened two decades ago and the first gold from underground operations was produced in 2011.

Three-quarters of export revenues

The site also consists of open pit mining and estimated gold reserves surpass seven million ounces.

According to the Mining Technology digest, the mine contributed around $1 billion to the Malian economy in 2023.

Mali, which is battling insurgent violence and economic crisis, is one of Africa's foremost gold producers.

The precious metal contributes a quarter of the national budget and three-quarters of export revenues.