Barrick Gold (ABX.TO) traded down near 2% at last look Monday on the NYSE after it recommended shareholders reject a "mini-tender" offer from TRC Capital Investment.

Meanwhile, Bloomberg is reporting that Mali's military junta started executing an interim order to seize gold at a mine run by Barrick Gold, escalating a dispute over the West African government's share of revenues from the project. The authorities started executing the order on Jan. 11 against gold stockpiled at the Loulo-Gounkoto operations, according to a Barrick memo seen by Bloomberg. The order was issued a week ago, according to the Canadian miner.

Bloomberg noted the world's No. 2 gold producer is locked in a dispute with the Malian government that centers on the distribution of revenue from the vast Loulo-Gounkoto complex. Shipments from the mine have been blocked since November, the memo said.

A spokeswoman for Barrick declined to comment on the memo, which was first reported by Reuters. A spokesman for Mali's mining ministry declined to comment.

On the "mini-tender" offer, TRC's offer to purchase up to 5 million shares, or a 0.3% stake, for $21.35 apiece undervalues the company, Barrick said. The shares closed down 1.9% Friday at $22.70. The miner said the offer represents a 4.52% discount to its share price on the TSX on Jan. 7 and a 4.38% discount to its share price on the NYSE on the same day.

"Barrick does not endorse this unsolicited offer, is not in any way affiliated or associated with TRC Capital or its offer, and recommends that shareholders do not tender their shares to this unsolicited mini-tender offer," the company said.

Barrick said TRC has made several similar unsolicited mini-tender offers for shares of other public companies, noting that such offers are designed to avoid investor protections such as disclosure and procedural requirements applicable to most takeover bids and tender offers under Canadian and U.S. securities laws.