Barrick Refers Senegalese Tax Dispute To International Chamber Of Commerce

(RTTNews) - Barrick Gold Corp. (GOLD, ABX.TO) confirmed Saturday that it has referred a tax claim by the Senegalese Revenue Authority to the International Chamber of Commerce or ICC for arbitration after numerous attempts to resolve the issue with the government had failed.

Barrick alleged that the Senegalese Revenue Authority has levied an unaudited assessment totaling US$208 million for taxes it claims arose from Barrick's sale of its interest in the Massawa project to Teranga Gold Corp. last year.

Barrick said the proposed assessment was not in accordance with its investment agreement and relevant legislation in place.

Barrick noted that the arbitration process will start when the Senegalese Revenue Authority has appointed its arbitrator.

Barrick said in the meantime it would continue to engage with the government to resolve this matter.

Barrick and its predecessor Randgold has been a partner and investor in the Senegalese mining industry since 1995, and continues to invest in its exploration projects, as well as through its investment in Endeavour Mining Corp.