Canada's Barrick working to resolve issues in Congo, CEO says

FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

TORONTO (Reuters) - Canada’s Barrick Gold is working to resolve legal and fiscal issues with the new government in Democratic Republic of Congo, its chief executive said on Friday.

Barrick has been trying for more than a year to repatriate $500 million belonging to its Kibali gold mining joint venture out of the Congo. Bristow in February said the formation of a new government in the country should aid release of the money.

“We are strengthening our ties with the recently appointed government and are working towards an amicable solution of some outstanding legal and fiscal issues,” CEO Mark Bristow said in a release Friday, without providing details.

Bristow said Kibali was on track to hit its annual production guidance and now has a resource base that is approaching the 2013 levels when the mine first went into production.

That means the mine should be able to sustain its production rate beyond the 10-year timetable in its current business plan, he said.

Barrick forecasts its 45% share of 2021 production from the mine to be 350,000 to 380,000 ounces of gold. South Africa’s AngloGold Ashanti also owns a 45% stake with the balance held by Société Miniére de Kilo-Moto.

Reporting by Jeff Lewis; Editing by David Gregorio