Kibali Goldmines Rejects SOKIMO Claim

KINSHASA, Democratic Republic of the Congo, April 18, 2021 (GLOBE NEWSWIRE) -- Kibali Goldmines SA (Kibali) said today it had learned that SOKIMO SA was attempting for the second time to extort certain benefits from the company by filing new proceedings with the commercial court in Kinshasa. SOKIMO is a 10% shareholder in the Kibali gold mine which is operated by 45% owner Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) with the remaining 45% held by AngloGold Ashanti.

Kibali said SOKIMO had withdrawn its first claim of this kind after it had been shown to be without foundation. Kibali also rejects the current proceedings on the basis that it was similarly spurious and without substance, and would seek its dismissal as it had done with the previous claim.

Kibali has operated for the past 12 years under a joint venture agreement with a clear dispute resolution mechanism which in these instances had been ignored by SOKIMO, the company said.