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Mali says Barrick owes $500 million in taxes and fines, sources tell Reuters
By David Lewis, Giulia Paravicini, and Divya Rajagopal
Reuters
Tuesday, October 8, 2024
Mali's military government is seeking at least 300 billion African Financial Community (CFA) francs ($512 million) in outstanding taxes and dividends from Barrick Gold, three sources said, a move that is part of a push by the country to collect more revenue from mining companies.
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Power Nickel Announces Assay Results from its Polymetallic Lion Zone Discovery
Company Announcement
Tuesday, October 1, 2024
TORONTO -- Power Nickel Inc. (TSXV: PNPN, OTCBB: PNPNF) announces the assay results obtained for the first five holes of the summer 2024 drilling campaign at its polymetallic Lion Zone discovery.
"We announced that our summer exploration program had expanded the Lion Zone by 50% and today we provide the first assays from the program," CEO Terry Lynch said. "The results were obtained from targets we now realize were outside the main Lion Zone in what we refer to as the Halo area. Holes 63, 66, and 67 still delivered great value to the project. Five meters of 5.93% copper equivalent are excellent in Hole 63 and 66-67 both showed a very sizeable section of 12 meters of 2.97% and 2.36% copper equivalent respectively.
"After this set of holes we retargeted the drills at a lower pitch further west and once again found the main Lion Zone. Assays on these holes are pending." ...
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Authorities in Mali last month briefly detained four Malian staff working for Barrick, the world's second-largest gold miner, and the Canadian company said on Sept. 30 it had agreed with the government to solve existing claims and disputes.
The demands on Barrick follow an audit of mining contracts last year and a subsequent push by Mali to renegotiate existing agreements with mining firms, including Bing2GOLD, Resolute Mining, and Allied Gold, to channel a greater share of revenues into state coffers through a new mining code.
Under the new code -- which comes as governments across Africa seek more revenues from their mines producing gold and the critical minerals needed for global energy transition -- Malian state and private interests in projects could rise to 35% from 20% now. The law also seeks to slash tax breaks and increase the number of Malians in management roles. ...
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