Barrick asks World Bank to intervene in Mali court proceedings

CANADIAN mining company Barrick Gold Corp. has turned to the World Bank’s arbitration body for assistance as it battles to prevent the Malian government from seizing control of its Loulo-Gounkoto gold mining operation, said Reuters in a report on Friday.The Toronto-listed firm’s appeal comes ahead of a crucial court decision scheduled for June 2 when Mali’s judiciary will determine whether to grant the government’s application for provisional administration of the mine.Should the ruling favour Bamako, authorities would appoint an administrator to assume control and restart operations at the facility, Reuters said.Loulo-Gounkoto has been shuttered since January following the government’s confiscation of three tons of gold over alleged tax arrears — claims Barrick has rejected.In documents submitted to the International Centre for Settlement of Investment Disputes (ICSID) and made public on Wednesday, Barrick has requested “provisional measures” from the arbitration panel.“In essence, provisional measures constitute Barrick’s application for a tribunal order compelling the Malian government to cease actions that could worsen the dispute, particularly attempts to place the mining operation under provincial control,” Timothy Foden from international legal practice Boies Schiller Flexner told Reuters.The West African nation, which ranks as the continent’s third-largest gold producer, has implemented fresh mining legislation and strengthened oversight of its gold extraction sector, predominantly operated by Western corporations.Mali’s military administration argues that existing agreements disadvantage the country and insists that international mining conglomerates must accept its terms to continue operations in the mineral-rich territory. The government seeks enhanced revenues from the sector, claiming current arrangements are inequitable.The post Barrick asks World Bank to intervene in Mali court proceedings appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com