(Bloomberg) -- Barrick Gold Corp. is pursuing international arbitration to resolve a monthslong dispute with Mali’s government over its gold mine in the African country.
The world’s second-largest gold producer said it submitted a request for arbitration to the International Centre for the Settlement of Investment Disputes to “address matters of disagreement” regarding its Loulo-Gounkoto complex. Barrick shares fell as much as 1.4% as of 9:39 a.m. in New York.
“This step reflects Barrick’s commitment to adhering to established processes for resolving disputes in a fair and transparent manner,” the Toronto-based company said Wednesday in a statement.
Barrick has been locked in a dispute with Mali’s government over how to divide the economic benefits from Loulo-Gounkoto, which produced almost 700,000 ounces of gold last year. The junta has detained several company employees and earlier this month put out an arrest warrant for Chief Executive Officer Mark Bristow.
“Over its nearly three decades of operating in Mali, Barrick has consistently demonstrated its long-term commitment to the country and its people,” Bristow in the statement. “While this process is ongoing, Barrick remains open to continued dialogue with the government to resolve these issues amicably and ensure the long-term success of the Loulo-Gounkoto complex.”
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