All amounts expressed in US dollars
TORONTO, May 01, 2021 (GLOBE NEWSWIRE) — 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.
President and CEO
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Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s strategy, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “would”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick’s strategy for the resolution of the Senegalese tax dispute through arbitration and continued engagement with the Senegalese Revenue Authority, and Barrick’s continuing investment in exploration projects in Senegal.
Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as