Four Barrick Gold employees arrested in Mali, miner says
Rewrites with Barrick statement, adding paragraphs 3-4, 6-9
Nov 26 (Reuters) -Four employees of Canada's Barrick Gold ABX.TO have been charged and detained pending trial in Mali, the company said on Tuesday, as the military-led government strives to raise more money from mining companies.
Mali is one of Africa's top gold producers and briefly arrested four senior local employees of Barrick in September. A source familiar with the matter told Reuters that the same employees had been arrested again.
Barrick refutes the charges against its employees, the company said in a statement, without detailing the charges. It added it would continue to engage with Mali's government to find an amicable settlement and secure the release of detainees.
"Since September 30, the company had been actively seeking to finalize a Memorandum of Agreement that would guide Barrick’s partnership with the government in future, including the state’s share of the economic benefits," the statement said.
Barrick CEO Mark Bristow told Reuters in early November that the world's No. 2 gold miner was confident of resolving claims and disputes with authorities before the end of the year.
Mali's mines ministry told Reuters it was not directly involved in the case, adding it was handled by the economy and finance ministry and the justice ministry's economic division.
The West African country is demanding about $500 million in unpaid taxes from Barrick, Reuters has reported citing sources, as the government tries to wring more income from the sector to shore up state revenues as prices of the precious metal rally.
Australia's Resolute Mining RSG.AX said last week its CEO Terence Holohan and two other employees, who were detained by the Mali government earlier this month, had been released from the country.
They left the capital Bamako after the miner agreed to pay $160 million to the Mali government to help resolve the tax dispute.
Reporting by David Lewis, Giulia Paravicini and Tiemoko Diallo; Additional reporting by Felix Njini. Editing by Anait Miridzhanian and Mark Potter
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.