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Barrick Gold Corporation

Barrick Refers Senegalese Tax Dispute to Arbitration

May 1, 2021
Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) confirmed today that it had referred a tax claim by the Senegalese Revenue Authority (SRA) to the International Chamber of Commerce (ICC) for arbitration after numerous attempts to resolve the issue with the government had failed.
 
The SRA has levied an unaudited assessment totaling $208 million (calculated as of March 31, 2021) for taxes it claims arose from Barrick’s sale of its interest in the Massawa project to Teranga Gold Corporation last year. Barrick said the proposed assessment was not in accordance with its investment agreement and relevant legislation in place, and in order to resolve the dispute, Barrick has referred the matter to the ICC which is the dispute resolution forum provided for in its agreement with the State of Senegal.
 
The arbitration process will start when the SRA has appointed its arbitrator. Barrick said in the meantime it would continue to engage with the government to resolve this matter. Barrick and its predecessor Randgold has been a partner and investor in the Senegalese mining industry since 1995, and continues to invest in its exploration projects, as well as through its investment in Endeavour Mining Corp.
 
Enquiries
 
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
 
Country Manager, Senegal
David Mbaye
+221 76 33 93 714
 
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
 

Source: https://www.barrick.com/English/news/news-details/2021/barrick-refers-senegalese-tax-dispute-to-arbitration/default.aspx

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