Latest news with #ICSID
Yahoo
2 days ago
- Business
- Yahoo
Barrick seeks World Bank arbitration on government takeover of Mali mine
Barrick Mining has sought intervention from the World Bank's arbitration tribunal amid a legal dispute in Mali, where its Loulo-Gounkoto gold mine risks falling under government control. The Canadian miner's request for "provisional measures" comes as a local court in Mali is set to decide on the government's bid to place the mine under provisional administration on 2 June 2025, according to a Reuters report. The dispute escalated after Mali seized three tonnes of gold from Barrick's mine in January over alleged non-payment of taxes - a claim Barrick contests. The company has now turned to the International Centre for Settlement of Investment Disputes (ICSID), seeking to prevent further actions by the Malian government that could worsen the situation. 'Provisional measures' refer to Barrick's plea for an order that would stop the Mali government from taking steps such as appointing an administrator for the mine, explained Timothy Foden of Boies Schiller Flexner. Barrick and Mali's Mines Ministry have not responded to queries regarding the ongoing legal proceedings. Mali, the third-largest gold producer in Africa, has enacted a new mining code and is asserting more control over its mines, which are predominantly operated by Western companies. The military-led government is intent on increasing mining revenues, deeming current agreements inequitable, and has demanded compliance from foreign mining companies. While most have complied with the government's demands, Barrick has stood firm, citing over two decades of substantial investment in Mali's economy. The company has accused the government of shifting demands and unfairly targeting its executives. The conflict has led to the shutdown of Barrick's Bamako corporate office and the dismissal of workers by the mine's contractors. An official familiar with the Mali government's stance stated that the matter is a domestic tax issue and does not warrant international arbitration. "Barrick seeks World Bank arbitration on government takeover of Mali mine" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Canada Standard
3 days ago
- Business
- Canada Standard
Canadian gold miner seeks mediation in African dispute
Barrick has said its employees remain in detention in Mali, and exports from its mine have been blocked for months Canadian company Barrick Mining has appealed to the World Bank's arbitration tribunal to settle a legal dispute with Mali. The miner currently risks losing control of its gold operations in the West African country, Reuters reported on Friday. The request to the International Centre for Settlement of Investment Disputes (ICSID) comes ahead of a Malian court ruling scheduled for June 2 on the government's application to place the mine under provisional administration. Barrick's Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been closed since January after Mali seized three tons of gold from the mine over alleged unpaid taxes - a claim Barrick denies. According to a filing on the ICSID's website, the mining giant is seeking "provisional measures" to prevent further actions by the Sahel state's military leadership that could exacerbate the dispute. The former French colony is one of Africa's top gold producers, with large-scale operations such as the Loulo-Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. Since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income amid rising gold prices. In 2023, a new mining code was introduced allowing the military government to claim a stake of up to 30% in any new projects. READ MORE: Mali and Canadian miner fail to resolve payment dispute Bloomberg Barrick, one of the world's largest gold producers, has been operating in Mali for nearly three decades and insists it has complied with Malian law and its binding mining conventions. Tensions escalated in late 2024 when four Barrick executives were detained and a warrant was issued for CEO Mark Bristow, all on charges of money laundering and financing of terrorism - allegations the company says are untrue. Negotiations between the two sides recently collapsed after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan. Earlier this week, the mining firm issued a statement claiming that the Malian government's attempt to "interfere with Loulo-Gounkoto's operations is without precedent or lawful justification." "This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees - now held for over five months - and the ongoing blockage of gold exports from the complex," the company said. Barrick is not the only Western company under pressure in the Sahel region. In neighboringNiger, French nuclear fuel firm Orano lost its license to the Imouraren uranium mine in 2024. The military government also seized its subsidiary Somair later that year. Orano has taken legal action against Niger's government, citing illegal detention and property confiscation. (
Russia Today
3 days ago
- Business
- Russia Today
Canadian gold miner seeks mediation in African dispute
Canadian company Barrick Mining has appealed to the World Bank's arbitration tribunal to settle a legal dispute with Mali. The miner currently risks losing control of its gold operations in the West African country, Reuters reported on Friday. The request to the International Centre for Settlement of Investment Disputes (ICSID) comes ahead of a Malian court ruling scheduled for June 2 on the government's application to place the mine under provisional administration. Barrick's Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold in 2023, has been closed since January after Mali seized three tons of gold from the mine over alleged unpaid taxes – a claim Barrick denies. According to a filing on the ICSID's website, the mining giant is seeking 'provisional measures' to prevent further actions by the Sahel state's military leadership that could exacerbate the dispute. The former French colony is one of Africa's top gold producers, with large-scale operations such as the Loulo-Gounkoto mines, which are 80% owned by Barrick and 20% by the Malian government. Since taking power in a coup in 2020, the new leadership in Bamako has sought more revenue from the sector to boost state income amid rising gold prices. In 2023, a new mining code was introduced allowing the military government to claim a stake of up to 30% in any new projects. Barrick, one of the world's largest gold producers, has been operating in Mali for nearly three decades and insists it has complied with Malian law and its binding mining conventions. Tensions escalated in late 2024 when four Barrick executives were detained and a warrant was issued for CEO Mark Bristow, all on charges of money laundering and financing of terrorism – allegations the company says are untrue. Negotiations between the two sides recently collapsed after Mali demanded a lump-sum payment of 125 billion CFA francs ($197 million) in unpaid revenues, while Barrick proposed a structured payment plan. Earlier this week, the mining firm issued a statement claiming that the Malian government's attempt to 'interfere with Loulo-Gounkoto's operations is without precedent or lawful justification.' 'This latest escalation by the Malian government follows the continued unlawful detention of several Barrick employees — now held for over five months — and the ongoing blockage of gold exports from the complex,' the company said. Barrick is not the only Western company under pressure in the Sahel region. In neighboring Niger, French nuclear fuel firm Orano lost its license to the Imouraren uranium mine in 2024. The military government also seized its subsidiary Somair later that year. Orano has taken legal action against Niger's government, citing illegal detention and property confiscation.
Reuters
4 days ago
- Business
- Reuters
Barrick asks World Bank court to intervene in Mali proceedings
TORONTO, May 29 (Reuters) - Barrick Mining ( opens new tab has asked the arbitration tribunal of the World Bank to intervene in legal proceedings in Mali, as the miner faces the possibility of the Loulo-Gounkoto mine falling under the control of the Mali government. Barrick's move comes as a local court in Mali is expected to rule on June 2 on the government's request to put the Canadian miner's gold mine under a provisional administration. If the Mali court ruling goes in favor of the government, an individual or an organization will be assigned to take over the mine and reopen it. Barrick's gold mine in Mali has been shut since January this year after Mali seized 3 tons of gold from its mine over non-payment of taxes. Barrick has disputed the allegations. In a filing with the International Centre for Settlement of Investment Disputes (ICSID) made public on Wednesday, Barrick asked the arbitration tribunal for "provisional measures." "Put simply, 'provisional measures' means that Barrick has applied to the tribunal for an order requiring Mali government to refrain from taking further actions that would exacerbate the dispute, including Mali's effort to place the mine into provincial administration," Timothy Foden, of international law firm Boies Schiller Flexner, said. Barrick did not immediately respond to an email query from Reuters. Mali's Mines Ministry did not respond to a Reuters email query either. Mali, Africa's third-largest gold producer, has issued a new mining code and tightened its grip on the country's gold mines, mostly run by Western companies. The military-led government says that it wants to increase its revenue from the mining sector as it believes current arrangements are unfair, and that foreign multinationals must comply with its demands if they want to keep operating in the gold-rich country. Most mining companies in Mali have yielded to the government's demands, except Barrick. The company has repeatedly said it has invested heavily in the Malian economy for more than 20 years. It accuses the government of moving its goal posts and asking for more money, as well as unfairly some of its executives in what it says is an attempt to blackmail the company. Mali's military-led government has shut down Barrick's corporate office in Bamako, and the mine closure has led to Barrick's contractors laying off their employees. An official familiar with the Mali government's thinking told Reuters that there are no grounds for international arbitration, and it is a domestic tax issue. Even if the World Bank tribunal rules in favor of Barrick's request for a provisional measure, Mali can ignore it, Foden said, although Mali would risk further scaring off Western investors.
Reuters
26-05-2025
- Business
- Reuters
Arbitration body raises amount awarded to Enagas to $302 million in process against Peru
MADRID, May 26 (Reuters) - Spanish gas grid operator Enagas ( opens new tab said on Monday the World Bank's International Centre for Settlement of Investment Disputes (ICSID) raised the amount the company is entitled to be paid in an arbitration process over a pipeline it built in the country. ICSID ordered Peru to pay the company $302 million, up from $194 million it awarded in its original ruling in December, the company said in a filing to the stock market regulator. Enagas had originally requested a $505 million compensation from the Peruvian government and reported a capital loss of 246 million euros ($281 million) in the fourth quarter last year on the amount it was entitled to by the first ruling. ($1 = 0.8763 euros)
