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Barrick sees handle Mali over new mining code before year-end

Barrick Gold, the world's No. 2 gold miner, is confident of concluding talks for a. new mining code with Mali's juntaled government before the end. of the year, CEO Mark Bristow told Reuters on Thursday.

Talks in between Toronto-based Barrick and the authorities in. Mali on how to implement brand-new mining guidelines governing its. Loulo-Gounkoto mining complex, one the greatest cash cow in. Mali, have actually dragged on for months.

The West African country is requiring about $500 million in. overdue taxes from Barrick, Reuters reported mentioning sources, as. the government tries to wring more income from the sector, which. is dominated by gold miners, to support state incomes as. rates of the precious metal rally.

Mali has actually been working out with miners in the nation how to. apply brand-new mining guidelines, in which the state and local private. financiers should own 35% interest in mining jobs compared to. 20% currently.

Bristow said Barrick has used Mali 55% of the. economic gain from the Loulo-Gounkoto operation, in a deal. that he said bears resemblances to a contract the miner

reached with

Tanzania about five years ago. The CEO decreased to comment. on Mali's cash demands and allegations of unsettled back taxes and. fines.

We are prepared to provide more of the financial. advantages, Bristow said in an interview. The key is you do not. want to harm the long last worth of the asset. The greatest. victim will be the country, and any boost in basic expense has. an influence on for how long the jobs will run..

(source: Reuters)