Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Hi Rebess - I agree Barrick's CEO must be acutely aware of the dangers that lie in wait for the unsuspecting in Egypt and is wise to act accordingly. Now that I've read your post I can see at least two meanings to his phrase 'tidying up'. One as you say - getting the legal contractual issues sorted and the other (now that I think about it less likely) boasting of his company's 'sweeping' the lion's share of the best concessions.
On the former meaning I found this recent development between the Mali government and B2Gold to be cathartic in a not-so-nice schadenfreude sort of way:
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The Company [B2Gold] is currently involved in a dispute with the Malian Government related to renewal of the Menankoto exploration permit which forms part of the Anaconda Area and is located 20 km north of the Fekola Mine licence area. The Company strongly believes that Menankoto is entitled to a one-year renewal of the Menankoto Permit under applicable law. After ongoing discussions with the Malian Government were not ultimately successful in resolving the situation, on June 24, 2021 the Company announced that it had formally commenced arbitration proceedings against the Republic of Mali. The arbitration has been commenced pursuant to the arbitration clause...will be conducted by the International Centre for Settlement of Investment Disputes in Paris, France. In addition to pursuing arbitration under the Convention, the Company may pursue, as required, all other available legal remedies.
https://www.b2gold.com/news/b2gold-reports-strong-q2-2021-results-with-continued-strong-total-gold-production-of-211612-oz-5-above-budget-on-track-to-meet-or-exceed-the-upper-end-of-its-annual-production-guidance-range-of-970000-to-1030000-oz
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Imagine, B2Gold has mined several million ounces of gold in Mali since 2017 — you'd think that would give them some leverage or at least good will with the Mali government. It's certainly a bold move by B2Gold's CEO to take their disagreement to international arbitration within months of the impasse.
The question is will pressing the nuclear button explode in B2Gold's face ? The disagreement is simply about a non producing exploration site — yet it has the potential to impact their nearby 500k+ ounce/year gold mine. High stakes!
I think this is an issue of principle for b2gold. The loud rumour seems to be the Minister of Mines has been lining his and his pals pockets ... so to speak.
Corruption is the major issue in Mali, it is endemic, and from this all else flows. One of the reasons the coup in 2012 happened was because of the lack of any money coming into places like Timbuktu, for community schools, hospitals, and preservation of their heritage. Where did the money go....to bank accounts in one of the Treasure Islands wouldn't be a bad guess
The many dimensions of Mali’s current crisis (pleural) are connected. Rule of law issues, conflicts over land tenure, organized crime and jihadist expansion are all interconnected issues rather than separate challenges that have hit the country separately. Corruption is at the heart of the problems of mistrust that allowed these issues to spiral out of control.
Dont blame Islam, and the unemployed mercenaries who seized the opportunity to grab the great cash flow business in the trade of drug running and human trafficking, and then didnt want to give a cut to the corrupt government.
https://www.u4.no/publications/mali-overview-of-corruption-and-anti-corruption-2020
https://foreignpolicy.com/2020/08/19/a-coup-wont-end-malis-corruption-and-insecurity/
https://www.one.org/international/blog/panama-paper-reveals-africa-losing-billions-to-corruption-and-bribery/
Sad? if instead of wasting us$1b per year (!) on peace keeping, invested the us$1b in schools, infrastructure, job creation...
"The total approved
budget for the 2020-2021 peacekeeping year is $6.58
billion. Operations with the highest annual budgets are
MINUSMA (Mali), at $1.18 billion; "
https://fas.org/sgp/crs/row/IF10597.pdf
..............................................................................................................then Mali would be a better place.
good luck to b2gold
the gnoem
Thanks gnome, so in short B2 didn't pay the ,officialdom ,or not enough now they get their lesson.
Hi Goldgnome,
You make a great point about changing the focus to poverty reduction and economic development over trying to force peace in Africa. Although I suppose keeping aid from being confiscated by the unscrupulous can also be a battle.
And regarding B2Gold - I too commend them for sticking to principles and demanding their legal entitlements - even while messing with Mali could jeopardize over 50% of their annual gold production. Guess that's why B2Gold also has their foot in the door over in Egypt. Diversification is survival. Cheers