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.

An ongoing dispute over ownership stakes in Barrick’s operation in Mali has led to the arrest of mining officials, the government’s gold seizure and the company’s shutdown of its mine.

Barrick Gold shares are trading higher by 1.4% during Friday's session. Mining stocks are rising, likely in sympathy with Rio Tinto and Glencore's potential merger talks.

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.

Barrick Gold Corp. closed C$6.86 below its 52-week high of C$29.50, which the company reached on October 21st.

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 Corporation GOLD recently stated that it remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Furthermore, the Malian government has executed the interim attachment order on the gold by transferring the current gold stock from the location to a custodial bank,

Barrick Gold Corp. closed C$6.81 below its 52-week high of C$29.50, which the company achieved on October 21st.