Barrick's Congo mine calls claim `spurious'

Kibali Goldmines SA, the Congolese joint venture of Barrick and Anglogold Ashanti, said its 10-per-cent shareholder Société Minière de Kilo-moto (SOKIMO) had filed a financial claim against it in a Kinshasa commercial court.

The Democratic Republic of Congo news website objectifinfos.cd published documents on Sunday showing state-owned SOKIMO filed proceedings on April 16 claiming Kibali owed SOKIMO US$1.1138 billion in unpaid dividends and other funds.

Kibali said it had learned of this action on Sunday and described the claim as a second attempt by SOKIMO to “extort certain benefits from the company.”

Kibali said SOKIMO withdrew its first claim after it was “shown to be without foundation.”

“Kibali also rejects the current proceedings on the basis that it was similarly spurious and without substance, and would seek its dismissal as it had done with the previous claim,” the company said in a statement.

SOKIMO did not immediately respond to requests for comment about the claim.

In its documents published on the Congolese website, SOKIMO said the cash it was claiming included fees for the use of SOKIMO'S share of the mine.

Barrick, Kibali's operator, has been seeking to repatriate US$500 million belonging to the joint venture out of the Democratic Republic of Congo for more than a year.

Barrick chief executive Mark Bristow said in February that the formation of a new government in the Congo should aid the release of the money.