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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barrick Gold Corporation | TSX:ABX | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.59 | -2.49% | 23.10 | 23.09 | 23.10 | 23.46 | 23.09 | 23.20 | 966,031 | 16:04:13 |
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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