BARRICK Gold Corporation (NYSE: GOLD)(TSX: ABX) has confirmed that its operating entities in Mali, Société des Mines de Loulo SA and Société des Mines de Gounkoto SA, have submitted a formal request for arbitration to the International Centre for the Settlement of Investment Disputes (ICSID).

The action is in accordance with the provisions outlined in their respective Mining Conventions with the State of Mali and aims to resolve ongoing matters of disagreement related to the Loulo-Gounkoto complex.

The arbitration request underscores Barrick’s dedication to following established legal and contractual processes to resolve disputes in a fair, transparent, and efficient manner. 

The arbitration mechanism, provided for under the Somilo and Gounkoto Mining Conventions with the State of Mali, has historically served as a reliable and effective tool for fostering dialogue, reinforcing partnerships, and facilitating mutually acceptable resolutions through an independent and competent authority.

“Over nearly three decades of operations in Mali, Barrick has remained steadfast in its long-term commitment to the country and its people,” said Mark Bristow, Barrick's President and CEO. 

He added: “While the arbitration process is underway, Barrick continues to welcome and encourage dialogue with the Government of Mali to amicably resolve these issues. Our priority remains ensuring the continued success of the Loulo-Gounkoto complex, which is a cornerstone of both Barrick’s operations and the broader Malian economy.”

Barrick’s involvement in the Loulo-Gounkoto complex has contributed significantly to Mali’s mining sector, with the complex being one of the largest gold-producing operations in the country. 

The company stated that it remains committed to maintaining a constructive relationship with the Government of Mali and all stakeholders, with the aim of achieving a resolution that supports the long-term viability of its operations and benefits the local communities.