Barrick Responds to Mali Government’s Claims of Breaching Its Commitments
Barrick Gold (NYSE:GOLD) has denied allegations from Mali's Ministry of Mines and Finance Ministry regarding unfulfilled commitments under a resource distribution agreement. The company states it has been actively engaged in negotiations with the government since September 30 to achieve a global resolution of disputes. Barrick made a payment of FCFA 50 billion (US$85 million) in early October as part of ongoing negotiations. While denying wrongdoing, the company is working towards a memorandum of agreement that would settle differences and establish future partnership principles, including increasing Mali's share of economic benefits from the Loulo-Gounkoto complex.
Barrick Gold (NYSE:GOLD) ha negato le accuse del Ministero delle Miniere e del Ministero delle Finanze del Mali riguardo a impegni non rispettati in base a un accordo di distribuzione delle risorse. L'azienda afferma di essere stata attivamente coinvolta in negoziati con il governo dal 30 settembre per raggiungere una risoluzione globale delle controversie. Barrick ha effettuato un pagamento di 50 miliardi di FCFA (85 milioni di dollari statunitensi) all'inizio di ottobre come parte dei negoziati in corso. Pur negando azioni illecite, l'azienda sta lavorando a un memorandum di intesa che risolverebbe le divergenze e stabilirebbe principi futuri di collaborazione, incluso l'aumento della quota del Mali nei benefici economici del complesso Loulo-Gounkoto.
Barrick Gold (NYSE:GOLD) ha negado las acusaciones del Ministerio de Minas y del Ministerio de Finanzas de Malí sobre compromisos incumplidos bajo un acuerdo de distribución de recursos. La empresa afirma que ha estado comprometida activamente en negociaciones con el gobierno desde el 30 de septiembre para lograr una resolución global de las disputas. Barrick realizó un pago de 50 mil millones de FCFA (85 millones de dólares) a principios de octubre como parte de las negociaciones en curso. Aunque niega haber actuado mal, la compañía está trabajando en un memorando de acuerdo que resolvería las diferencias y establecería principios para futuras asociaciones, incluyendo el aumento de la participación de Malí en los beneficios económicos del complejo Loulo-Gounkoto.
바릭 골드 (NYSE:GOLD)는 말리 광업부와 재정부의 자원 배분 계약 이행 불이행에 대한 주장을 부인했습니다. 회사는 정부와 9월 30일부터 분쟁의 전반적인 해결을 위해 적극적으로 협상 중이라고 밝혔습니다. 바릭은 진행 중인 협상의 일환으로 10월 초에 500억 FCFA(미화 8500만 달러)를 지급했습니다. 잘못을 부인하면서도 회사는 차이를 해결하고 미래의 파트너십 원칙을 수립하는 내용의 합의서 작업을 진행 중이며, 여기에는 루로-군코토 복합체에서 말리의 경제적 이익 비율을 늘리는 내용이 포함됩니다.
Barrick Gold (NYSE:GOLD) a nié les allégations du Ministère des Mines et du Ministère des Finances du Mali concernant des engagements non tenus dans le cadre d'un accord de répartition des ressources. L'entreprise déclare être activement engagée dans des négociations avec le gouvernement depuis le 30 septembre afin d'atteindre une résolution globale des litiges. Barrick a effectué un paiement de 50 milliards de FCFA (85 millions de dollars) début octobre dans le cadre des négociations en cours. Bien qu'elle nie toute responsabilité, l'entreprise travaille à un mémorandum d'accord qui résoudra les différends et établira des principes de partenariat futurs, y compris l'augmentation de la part du Mali dans les bénéfices économiques du complexe Loulo-Gounkoto.
Barrick Gold (NYSE:GOLD) hat die Vorwürfe des malischen Ministeriums für Bergbau und des Ministeriums für Finanzen bezüglich unerfüllter Verpflichtungen aus einer Ressourcenteilungsvereinbarung zurückgewiesen. Das Unternehmen erklärt, dass es seit dem 30. September aktiv in Verhandlungen mit der Regierung involviert ist, um eine globale Lösung für die Streitigkeiten zu erreichen. Barrick hat Anfang Oktober im Rahmen der laufenden Verhandlungen eine Zahlung von 50 Milliarden FCFA (85 Millionen US-Dollar) geleistet. Während das Unternehmen Fehlverhalten bestreitet, arbeitet es an einem Memorandum of Understanding, das Unterschiede klären und zukünftige Partnerschaftsprinzipien festlegen würde, einschließlich der Erhöhung des Anteils Malis an den wirtschaftlichen Vorteilen des Loulo-Gounkoto-Komplexes.
- Made a significant payment of US$85 million to Mali government showing good faith
- Actively engaged in negotiations to resolve disputes
- 30-year track record of successful operations in Mali
- Facing serious allegations from Mali government regarding unfulfilled commitments
- Potential increase in government's share of economic benefits may impact future profitability
- Ongoing disputes with host country could affect operations
Insights
The dispute between Barrick Gold and Mali's government represents a significant development that could impact the company's operations in the region. The
The Loulo-Gounkoto complex is a important asset for Barrick and any changes to the economic benefit distribution could materially affect future earnings. The government's push for increased state ownership aligns with a broader trend of resource nationalism in Africa, which investors should monitor closely. While Barrick's 30-year track record in Mali provides some confidence, the current dispute highlights the inherent political risks of operating in the region.
The negotiation framework and pending memorandum of agreement suggest a path forward, but investors should prepare for potential changes in revenue sharing arrangements that could impact profitability.
TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) denies the allegations made by the Malian Ministry of Mines and the Finance Ministry that it had not honored its commitments made under an agreement designed to achieve a more equitable distribution of mineral resource exploitation to the benefit of all stakeholders.
As announced by Barrick on September 30, the company and the government agreed on a negotiation framework to achieve a global resolution of their disputes. Since that date, Barrick has been actively engaged with the government in pursuit of such a settlement, the terms of which will be set out in a memorandum of agreement.
This memorandum of agreement is intended to settle outstanding differences and to establish the principles that would guide Barrick’s partnership with the government in future, including an increase in the state’s share of the economic benefits generated by the Loulo-Gounkoto complex.
In early October, Barrick made a payment to the government of FCFA 50 billion (US
Barrick president and chief executive Mark Bristow said the company’s mutually beneficial relationship with successive Malian governments had endured for 30 years and occasional differences had always been amicably resolved. Barrick remains committed to finding a mutually acceptable solution to the current impasse in the interest of all stakeholders.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “continue”, “intended”, “committed”, “engage”, “negotiate”, “pursue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick’s commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali’s share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto’s partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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