Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) remains restricted from shipping gold from its Loulo-Gounkoto mining complex in Mali. The company’s president and CEO Mark Bristow says 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. He noted that, if this issue is not resolved within the coming week, Barrick will have no choice but to temporarily suspend operations at Loulo-Gounkoto.  

Bristow said, “Barrick remains committed to constructive engagement with the government of Mali to resolve the existing disputes amicably.  As previously disclosed, we have initiated arbitration through the International Centre for the Settlement of Investment Disputes (ICSID) as a recognised 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.”

The situation has been further compounded by the continued detention, on unfounded charges, of several of Barrick’s Malian employees and the company is actively working to secure their release and ensure their well-being.  

In addition, an interim attachment order has also been issued against the existing gold stock on site which further prevents its export and disrupts normal operations.  Barrick said it believes the interim attachment order is unwarranted and is in contravention of the agreed dispute resolution mechanisms.

“Barrick continues to be a steadfast partner to Mali and its people, contributing significantly to the country’s economic and social development over nearly three decades.  We are committed to dialogue and finding a mutually acceptable resolution that allows us to secure the future of Loulo-Gounkoto as a vital economic contributor to Mali,” Bristow said.

Source: Supplied by Barrick