Barrick Gold (ABX.TO) on Monday said it remains restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali.

Barrick kept its Sector Perform rating and $27 price target at National Bank of Canada following the news.

The company said that an interim attachment order was issued against the existing gold stock on site which further prevents its export and disrupts normal operations. Barrick believes the interim attachment order is "unwarranted and is in contravention of the agreed dispute resolution mechanisms."

Barrick Chief Executive Mark Bristow said the inability to ship gold not only affects operations but has broader implications for the local economy, the 8,000 employees and its many local service providers.

"Barrick remains committed to constructive engagement with the Government of Mali to resolve the existing disputes amicably," said Bristow. "As previously disclosed, we have initiated arbitration through the International Centre for the Settlement of Investment Disputes (ICSID) as a recognized mechanism to address these matters of disagreement while maintaining the integrity of existing agreements. In parallel, Barrick continues its efforts to reach an agreement with the Mali government on a memorandum of agreement to resolve the existing disputes, redefine the partnership's future and increase the State's share of benefits from the Loulo-Gounkoto complex."

National Bank said the Sector Perform rating is based on Barrick's recent operational weakness, combined with heightened geopolitical risks compared to senior peers.

The target price was derived from a 100% weighted 4.25x NTM EV/EBITDA target multiple, which implies a P/NAV multiple of 0.95x.

Barrick's share price fell 1.9% at last look to $22.46 on the TSX.