Barrick Serves Notice of Dispute Over Porgera
July 10 2020 - 5:30AM
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) announced that its
subsidiary, Barrick (PD) Australia Pty Limited (Barrick PD), an
investor in the Porgera Mine, has given notice to Papua New Guinea
(PNG) that a dispute has arisen under the Bilateral Investment
Treaty (BIT) between PNG and Australia.
Barrick PD asserts that the dispute arises out
of the PNG Government’s decision not to extend the Porgera Special
Mining Lease (SML) in violation of the terms of the BIT and
international law governing foreign investment. Barrick PD,
as an investor, seeks to recover damages it has already suffered
and damages it may suffer in the future by virtue of PNG’s wrongful
refusal to grant an extension of the Porgera SML. If the
dispute cannot be resolved through consultations and negotiations,
Barrick PD has elected to refer the dispute to arbitration before
the World Bank’s International Centre for Settlement of Investment
Disputes (ICSID).
Barrick further notes that Barrick Niugini Ltd,
the joint venture between Barrick PD and a subsidiary of Zijin
Mining Group Ltd, has also announced the commencement of
conciliation proceedings against PNG before ICSID, see
http://www.porgerajv.com/Company/Media/Press-Release.
Barrick continues to advocate for a negotiated
solution to an extension of the Porgera mining lease on terms that
would be beneficial to all stakeholders.
Barrick Enquiries
Kathy du PlessisInvestor and media relations+44 20 7557
7738Email: barrick@dpapr.com
Website: www.barrick.com
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