Barrick prepared to give Mali more than half of economic spoils to end fiscal dispute [Globe and Mail, The (Toronto, Canada)]
Barrick Gold Corporation (BC) (GOLD)
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Source: Globe and Mail, The
Barrick Gold Corp. ABX-T decrease chief executive Mark Bristow says the Canadian gold miner is prepared to fork over to Mali more than half of the economic spoils from mining in the country, as it toils to put an end to yet another fiscal dispute with an overseas government. Toronto-based Barrick over the past few years has bounced from one fiscal dispute to another with several host countries over taxes, royalties, and joint venture stakes in its mines overseas. After patching up disputes that lasted for years with both Tanzania in east Africa and then Papua New Guinea in the southwestern Pacific, Barrick this year has tangled with Mali's military junta government in west Africa. Mali last year introduced a new mining code aimed at imposing higher royalties on foreign companies operating in the country and taking up to a 35-per-cent ownership stake in mines. The ownership between Barrick and Mali in the Loulo-Gounkoto mining complex is currently split 80-20 in favour of the
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