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Barrick Gold Corp
Symbol ABX
Shares Issued 1,778,044,807
Close 2020-07-07 C$ 36.77
Market Cap C$ 65,378,707,553
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FP/wire say Barrick hopes to get $500M (U.S.) from DRC

2020-07-07 06:59 ET - In the News

The Financial Post reports in its Tuesday edition that Barrick Gold's Kibali gold mining joint venture in Democratic Republic of the Congo will be able to get $500-million out of the country very soon, chief executive officer Mark Bristow told Reuters on Monday (all figures U.S.). A Reuters dispatch to the Post says that the gold miner has been in discussions with Congo's government over how to get the money out of the country for months. A resolution was close in January, but then the COVID-19 pandemic hit, Mr. Bristow told Reuters by phone. Under Congo's 2018 Mining Code, miners must repatriate 60 per cent of revenue from mineral sales back into the Congo to help develop the country's economy. The $500-million is the excess left over after Kibali repatriated 60 per cent of revenue and paid all its in-country expenses, Mr. Bristow said. Barrick needs the $500-million in order to pay back loans and dividends. AngloGold Ashanti, which owns 45 per cent of Kibali, is entitled to half the money after dividends are paid. In May, Mr. Bristow had said the issue of the $500-million "keeps us awake at night." Barrick closed Monday at $36.02, up 47 cents on the Toronto Stock Exchange.

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