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(Bloomberg) -- Shares of Barrick Gold Corp. rose to their highest price since November after a news report that the Canadian company had settled a dispute involving its vast mining complex in Mali.
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Barrick signed a new agreement with Mali’s government to end an almost two-year-old dispute over its mining assets in the West African country, Reuters reported Wednesday citing unidentified people familiar with the development. Mali’s government must formally approve the deal, Reuters said, adding that an official announcement could come as soon as Thursday.
Barrick shares rose as much as 3.8% to $19.05 in New York, the highest since Nov. 5.
Such a deal would bring an end to a standoff over the distribution of revenue from Barrick’s Loulo-Gounkoto operation — a mining complex that’s key for both the company and the government. Mali has kept Barrick from shipping gold out of the country since November, when it also detained four employees from the complex. Barrick temporarily halted mine operations in January.
As part of the agreement, Reuters said that Barrick will pay 275 billion CFA or $438 million to the Mali government in return for the release of detained employees, seized gold, and restarting the operations at the mine.
Barrick didn’t immediately respond to phone and email requests seeking comment.
The Loulo-Gounkoto complex is one of Barrick’s biggest mining operations, accounting for about half a million ounces annually and 15% of the Toronto-based company’s gold output last year.
(Adds shares in third paragraph.)
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