Barrick Opposes Mali Government's Attempt To Take Over the Day-to-Day Operations at Loulo-Gounkoto, Has Continued to Support the Workforce

Barrick Mining Corporation (NYSE:B)(TSX:ABX) A ruling by the President of the Bamako Commercial Tribunal following submissions made on May 22 by Barrick's Loulo and Gounkoto mines opposing the Malian government's request to place the mining complex under provisional administration, is expected on June 2.

On May 8, the government formally submitted its request to the court seeking to impose provisional administration over the site. Barrick believes there is no basis — either in law or in practice — for the day-to-day operations at Loulo-Gounkoto to be handed over to a court appointed interim administrator. The move follows a preliminary hearing on May 15 during which the mines were granted the opportunity to formally respond.

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. Despite the government's actions, including the blocking of gold exports and the seizure of stockpiled production, Barrick has maintained support for its employees and contractors. Since operations were reluctantly suspended, the company has continued to pay wages and support the operations on an ongoing monthly basis.

The attempt to interfere with Loulo-Gounkoto's operations is without precedent or lawful justification. It disregards Barrick's rights under both Malian law and binding agreements, and it is inconsistent with the principles of due process and mutual respect that should underpin partnerships between governments and long-term investors.

As recently as last week, Barrick wrote to the Malian Minister of Economy and Finances to reiterate its availability to resume discussions on the terms of a satisfactory agreement allowing for the release of its detained employees and the resumption of activities in the interest of the employees, the country and all stakeholders.

Barrick has operated in Mali for nearly three decades, building some of the country's most successful mining operations and contributing significantly to its economy and social development. It continues to seek a fair and sustainable resolution to the existing dispute and has already initiated international arbitration proceedings in accordance with the dispute resolution mechanism agreed upon in the Mining Conventions. The company remains steadfast in its pursuit of justice for its unjustly detained employees and in defending the integrity of its investment against actions that risk undermining the long-term viability of the operations, stakeholder value or the legal framework underpinning its presence in the country.

  Enquiries:  

  Investor and Media Relations  
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com  

  Website:   www.barrick.com  

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