Mali's military government is seeking at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, three sources said, a move that is part of a push by the country to collect more revenue from mining companies.

Authorities in Mali last month briefly detained four Malian staff working for Barrick, the world's second-largest gold miner, and the Canadian company said on Sept. 30 it had agreed with the government to solve existing claims and disputes.

The demands on Barrick follow an audit of mining contracts last year and a subsequent push by Mali to renegotiate existing agreements with mining firms, including Bing2GOLD, Resolute Mining and Allied Gold, to channel a greater share of revenues into state coffers through a new mining code.

Under the new code - which comes as governments across Africa seek more revenues from their mines producing gold and the critical minerals needed for global energy transition - Malian state and private interests in projects could rise to 35% from 20% now. The law also seeks to slash tax breaks and increase the number of Malians in management roles.

Three sources with direct knowledge of the talks between the government and mining companies said Barrick, which runs the Loulo-Gounkoto mines in western Mali with an 80% stake, had been presented a bill for at least 300 billion CFA.

One of the sources, a consultant working with mining companies in Mali, said the bill was mainly for retroactive tax adjustments and unpaid dividends.

Another source, who works with mining companies and the Malian government, confirmed the figure, saying the bill would cover taxes owed from 2020, 2021 and 2022.

A third source, a senior official with another mining company in the country, said Mali believes Barrick owes as much as 500 billion CFA and the claim is also linked to the non-repatriation of funds.

All the sources spoke anonymously due to the sensitivity of the issue in Mali.

Asked to comment, a spokesperson for Barrick said: "We are still in the process of negotiation and will let you know once the agreement is settled".

In Barrick's 2023 annual report, the firm said it received tax collection notices at the end of November 2023 for around $417 million relating to VAT credit balances that had offset taxes and royalties but were subsequently disallowed by Malian authorities.

Barrick said the tax bills were "without merit" but that it had paid $17 million as part of a six month stay on enforcement on them.

It was not immediately clear why the amount provided by the sources was some $100 million higher than the figure provided by Barrick. One of the sources said the amount Mali says Barrick owes has increased as authorities deepened investigations.

A fourth source, also a senior official with another mining company, said they had heard Barrick was preparing to make a $300-$350 million payment to the government. The source did not have further details. Barrick declined to comment.

Malian government officials did not respond to requests for comment. In August 2023, the mining ministry said the audit had revealed the government was missing 300 billion to 600 billion CFA francs in revenues that it intended to recover from companies.

TALKS AND ARRESTS

Mali is not alone in seeking a bigger share of revenues from the race for Africa's minerals. In neighbouring Burkina Faso, the junta-led government said this month it planned to strip some foreign firms of permits. Niger's military government has also revoked permits.

Sources close to the talks in Mali said the junta is using a mixture of coercion, including arrests of local staff, and the potential threat of mining licences being revoked, as they squeeze the mainly Western firms for more cash.

Mali's government declined to comment. President Assimi Goita said last year investors had the choice of accepting Mali's new mining rules or leaving the country.

On Sept. 21, Alousseni Sanou, Mali's minister for mining and economy, said B2GOLD, Allied Gold and Robex had signed new contracts that will bring in an additional 245 billion CFA a year for the state.

Ever since Mali called on Russia for military support in its fight against Islamist militants, there has been intense speculation that any permits stripped off existing operators might be handed to Russian firms. So far, this has not happened.

"The purchase of Barrick assets in Mali is not on the table," one source familiar with the issue told Reuters.