Barrick asks the World Bank Court to intervene in Mali proceedings | Company Business News

* Barrick is looking for the World Bank Court intervention to prevent the takeover of Mali -Mine * Mali’s new mining code, Foreign Enterprises * Barrick claims that Mali has moved goal posts on investment conditions through Divya Ragopal Toronto, May 29, (Reuters) -Barrick Mining has asked the World Bank arbitration rib -Proceedings in Mali, as the Miner has the possibility of the Loulo -Gonunk proceedings, as the miner faces the Loulo -Gonko -Mine, as the Miner faces, the possibility of the Loulo -Gonk proceedings, as the miner faces the faces of the Loulo -Mover, as the miner faces the -If procedures. fall under the control of the Mali government. As a local court in Mali, Barrick’s move is expected to place the Government’s Gold Mine on June 2 at the Government’s request under a preliminary administration. If the Mali court ruling goes in favor of the government, an individual or an organization will be assigned to take over the mine and open it again. Barrick’s gold mine in Mali has been closed since January this year after Mali seized 3 tonnes of gold from the mine about the non-payment of taxes. Barrick disputed the allegations. In a submission at the International Center for the Investment Disputes Settlement (ICSID), Barrick made public on Wednesday, Barrick asked the arbitration run for ‘preliminary measures’. “Simply put,” preliminary measures “mean that Barrick applied to the tribunal for an order that requires Mali government to refrain to take further steps that would aggravate the dispute, including Mali’s attempt to put the mine in the provincial administration,” said Timothy Foden, of international law firm Boies Schiller. Barrick did not immediately respond to Reuters’ NE -mail inquiry. Mali’s Mines ministry also did not respond to a Reuters -E -mail inquiry. Mali, the third largest gold producer of Africa, has issued a new mining code and tightened its grip on the country’s gold mines, mostly managed by Western companies. The military guided government says it wants to increase its revenue from the mining sector because it believes the current arrangements are unfair, and that foreign multinational enterprises must meet its demands if they want to continue in the golden -rich country. Most of Mali mining companies have conceded to the government’s claims except Barrick. The company has repeatedly said that it has invested a lot in the Malian economy for more than 20 years. This accuses the government of shifting its goal and asking for more money, and that some of its managers are being unjustly detained in what it says is an attempt to ward off the company. Mali’s military guided government closed Barrick’s Bamako corporate office, and the mining led to Barrick’s contractors dismissing their employees. An official who is familiar with the thinking of the Mali government told Reuters that there are no grounds for international arbitration, and that it is a domestic tax issue. Even if the World Bank Tribunal in favor of Barrick’s request for a preliminary measure, Mali could ignore it, Foden said, although Mali would risk the risk of Western investors. (Reporting by Divya Rajagopal; Editing by Sandra Maler)