Barrick Mining submits request for provisional measures to ICSID in Mali

Barrick Mining (B) confirms that the International Centre for Settlement of Investment Disputes arbitration process – initiated under the binding Mining Conventions between Barrick subsidiaries and the State of Mali – is fully underway. The arbitration tribunal has been constituted, and Barrick has submitted a request for provisional measures to prevent further escalation and to safeguard its rights under binding Mining Conventions with the State of Mali. “The arbitration tribunal’s consideration of the case is even more important in light of today’s decision by the Bamako Commercial Tribunal to place the Loulo-Gounkoto complex under temporary provisional administration, at the request of the Malian government. While Barrick’s subsidiaries remain the legal owners of the mine, operational control has been transferred to an external administrator. This ruling follows actions by the Malian government to block gold exports and seize gold stocks belonging to Barrick’s subsidiaries – measures Barrick believes to be unjustified and which led to the temporary suspension of operations. These developments occurred despite Barrick’s ongoing efforts to reach a constructive and sustainable resolution. While the company has made a number of good faith concessions in the spirit of partnership, it cannot accept terms that would compromise the legal integrity or long-term viability of the operations. Barrick remains guided by its core values. The ongoing detention of its employees – who remain unjustly imprisoned and used as leverage in this process – is deeply concerning and inconsistent with the trust, transparency and accountability required for a genuine long-term partnership. To date, no credible rationale has been presented to justify this detention and the Government’s position, and the Government’s ever-increasing demands have lacked both factual and legal foundation.”