By Osoro Nyawangah, TORONTO Canada
The world's second-largest gold miner, Barrick Gold Corporation, has today denied the allegations made by the Malian government 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.
Mali yesterday October 24,
accused Barrick Gold of failing to abide by commitments made in a recent
agreement.
Barrick, announced on September
30 it had agreed
with the government to resolve disputes over the Loulo and Gounkoto
gold mines, days after Malian authorities briefly
detained four Malian staff working for the company.
But in a joint statement,
Mali's economy and mines ministries said Barrick had "not honoured the
commitments to which it subscribed in the agreement."
In its response, Barrick said
that the company and the government agreed on a negotiation framework to
achieve a global resolution of their disputes.
Since that date, the company
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.” Barrick said in its statement.
The company further said that
in early October, Barrick made a payment to the government of FCFA 50 billion
(US$85 million) in the context of the ongoing negotiations.
“Since then, it has
consistently maintained its efforts to engage with the government. While
Barrick does not accept any claims of wrongdoing, it has chosen to act in good
faith as a long-standing partner of Mali, aiming to resolve outstanding
disputes through this memorandum of agreement.”
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.” Bristow
said.
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