- Barrick Gold (TSX:ABX) has denied Malian Ministry of Mines and the Ministry of Finance allegations, asserting that it has not fulfilled its commitments
- Barrick’s team stated it has been actively engaging with officials to reach a comprehensive settlement, which will be detailed in a forthcoming memorandum of agreement
- As part of the negotiation process, Barrick made a significant payment of around US$85 million to the government in early October
- Shares of Barrick Gold opened trading at C$27.64
Barrick Gold (TSX:ABX) has denied Malian Ministry of Mines and the Ministry of Finance allegations, asserting that it has not fulfilled its commitments.
In a news update, the Toronto-based miner explained that it had signed an agreement aimed at ensuring a fair distribution of mineral resource benefits among stakeholders. The company went on to explain that back in September, it had released a framework for negotiations with the Malian government to resolve ongoing disputes. Barrick’s team stated it has been actively engaging with officials to reach a comprehensive settlement, which will be detailed in a forthcoming memorandum of agreement.
This memorandum is expected to address outstanding issues and outline the principles guiding Barrick’s future partnership with the Malian government, including a proposed increase in the state’s share of economic benefits from the Loulo-Gounkoto mining complex.
As part of the negotiation process, Barrick made a significant payment of around US$85 million to the government in early October. The company has reiterated its commitment to working collaboratively with the government, emphasizing its long-standing partnership with Mali.
Mark Bristow, Barrick’s president and CEO, highlighted the company’s 30-year relationship with successive Malian governments, noting that while differences have arisen, they have always been resolved amicably. Barrick remains dedicated to acting in good faith and addressing any disputes through the upcoming memorandum of agreement.
Barrick Gold is the world’s second-largest gold producer with ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States.
Shares of Barrick Gold Corp. (TSX:ABX) opened trading down more than 2.5 per cent at C$27.64. Year-to-date, Barrick Gold stock has risen 14.66 per cent.
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(Top photo of Barrick-labelled dump truck: Barrick Gold)