Barrick will not sell shares at DRC’s Kibali goldmine

Dar es Salaam. Barrick Gold Corporation says it will not approve the suggested 10 per cent sale of stakes owned by the Congolese parastatal Société Minière de Kilo-Moto SA (SOKIMO) to be sold to AJN Resources Inc.

Barrick Gold Corporation position was issued in a press statement released on February 20, 2020, signed by its President and chief executive, Mark Bristow.

In the statement, the company says that Sokimo is contractually bound by Barrick and its joint venture AngloGold Ashanti not to sale or transfer the shares in Kibali Goldmines SA, the owner of the Kibali gold mine, without their approval.

“No such approval has been sought, nor will it be granted,” reads the press statement in part.

Mr Bristow says in a statement that the company’s attention has been drawn due to media reports that Sokimo has signed a memorandum of understanding with AJN Resources for sale of 10 per cent in the Kibali gold mine.

Kibali gold mine is located in the northeast of the Democratic Republic of Congo (DRC), approximately 220 kilometres east of the capital of the Haut Uele province, Isiro.

The goldmine is 150 kilometres west of the Ugandan border town of Arua and 1 800 kilometres from the Kenyan port of Mombasa.

The mine is owned by Kibali Goldmines SA (Kibali) which is a joint venture company effectively owned by Barrick and AngloGold Ashanti at 45 percent each.

The mine which is operated by Barrick is owned by Sokimo at the remaining 10 percent.

In Tanzania Barrick owns Bulyankulu, North Mara and Buzwagi goldmines.

However, operations in the goldmine have been shifted to the newly incorporated Twiga Minerals Corporations.

The incorporation of the Twiga Minerals Corporation was an amicable decision to end the nearly two years of investment dispute between the Tanzania government and Acacia Mining that operated the three gold mines.