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Last Trade - 06/05/21

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Basic Materials
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Market Cap £6.70bn
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Barrick's Congo mine rejects financial claim by state-owned shareholder

Mon 19th April, 2021 7:46am
JOHANNESBURG, April 19 (Reuters) - Kibali Goldmines SA, the
Congolese joint venture of Barrick  ABX.TO  and AngloGold
Ashanti  ANGJ.J , said its 10% shareholder Société Minière de
Kilo-Moto (SOKIMO) had filed a financial claim against it in a
Kinshasa commercial court.
    The Democratic Republic of Congo news website
objectif-infos.cd published documents on Sunday showing
state-owned SOKIMO filed proceedings on April 16 claiming Kibali
owed SOKIMO $1.1138 billion dollars in unpaid dividends and
other funds.
    Kibali said it had learned of this action on Sunday and
described the claim as a second attempt by SOKIMO to "extort
certain benefits from the company". Kibali said SOKIMO withdrew
its first claim after it was "shown to be without foundation".
    "Kibali also rejects the current proceedings on the basis
that it was similarly spurious and without substance, and would
seek its dismissal as it had done with the previous claim," the
company said in a statement.
    SOKIMO did not immediately respond to requests for comment.
    In its documents published on the Congolese website, SOKIMO
said the cash it was claiming included fees for the use of
SOKIMO's share of the mine.
    Barrick, Kibali's operator, has been seeking to repatriate
$500 million belonging to the venture out of the Congo for more
than a year. 
    Barrick Chief Executive Mark Bristow said in February that
the formation of a new government in the Congo should aid the
release of the money.  urn:newsml:reuters.com:*:nL1N2KO1HO

 (Reporting by Helen Reid; Editing by Edmund Blair)
 ((Helen.Reid@thomsonreuters.com; +27 66 156 5214;))
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