Sources cited by Reuters report that Mali is seeking around $500 million in unpaid taxes from Barrick as the government aims to increase revenue from the mining sector.
Bristow told Reuters that Barrick has offered Mali 55% of the economic benefits from Loulo-Gounkoto, in a deal he likened to an agreement reached with Tanzania about five years ago.
The CEO declined to comment on Mali’s cash demands or claims of unpaid taxes and fines.
“We are prepared to give them more of the economic benefits,” Bristow said in a Reuter’s interview. “The key is to preserve the asset’s long-term value. Any increase in basic costs affects project longevity, which ultimately impacts the country.”
While Barrick has proposed a larger share of “economic benefits” for Mali, the company will continue to “carry the capital risk, as we have always done,” Bristow noted, adding that discussions remain ongoing.
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