Barrick opposing Mali government’s request to take over operations
NYSE- and TSX-listed Barrick Mining expects a ruling on June 2 by the president of the Bamako Commercial Tribunal following submissions made on May 22 by the company’s Loulo and Gounkoto mines opposing the Mali government’s request to place the mining complex under provisional administration.
On May 8, the government formally submitted its request to the court seeking to impose provisional administration over the site.
Barrick says in a statement that it 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.
This follows a preliminary hearing on May 15 during which the mines were granted the opportunity to formally respond.
This request by the Mali government follows the continued detention of several Barrick employees for five months, which the company has termed “unlawful”. It also mentions the ongoing blockage of gold exports from the complex, which the government has done owing to claims that the company is not tax compliant.
Barrick says it has continued to pay wages and support the operations on an ongoing monthly basis since these were recently suspended.
Barrick last week wrote to the Mali Minister of Economy and Finances to reiterate its availability to resume discussions on the terms of a satisfactory agreement allowing for the release of its detained employees and the resumption of activities.
Barrick says it continues to seek a “fair and sustainable resolution” to the existing dispute and has initiated international arbitration proceedings aligned to the dispute resolution mechanism agreed upon in the mining conventions.
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