BARRICK Gold was “making progress” in its dispute with Mali following recent allegations about unpaid tax, but not as quickly as expected, said Bloomberg News.
“Mali has got itself in a position where it is really trying to shake out some short-term cash out of the industry, and this industry is the very foundation of the economy,” Bristow told the newswire on Tuesday. “We’re making progress, not as fast as I would expect, but I’m sure everyone is a little cautious,” he said.
Barrick last month suspended operations at its Loulo-Gounkoto mine in Mali after the government started removing gold from the nation’s biggest mine in the latest escalation of a months-long dispute, said Bloomberg News.
Barrick and Mali’s military rulers are locked in a standoff over the distribution of revenue from an asset that’s key for both the company and the government, it said.
The state has blocked Barrick from shipping the precious metal out of the country since November, and put out an arrest warrant for Bristow. The miner has begun arbitration proceedings against Mali.
Bristow also told Bloomberg more consolidation was needed in the gold mining industry as there were too many companies running too few assets. But Barrick would grow organically and buy back shares, he said.
Despite a 38% improvement in the price of gold over the last 12 months, Bristow believed there was further upside in the metal.
“We are seeing a continuation of de-dollarisation, fuelled by the actions coming out of Washington and the White House,” Bristow said. “Conflicts on every continent. Gold has really arrived as the ultimate store of value and people are buying the physical.”
