Barrick refers Senegal tax dispute to arbitration

Business

Barrick Gold

Canadian bullion major Barrick Gold has confirmed a tax claim by the Senegalese Revenue Authority (SRA) to the International Chamber of Commerce (ICC) for arbitration.

The SRA has levied an unaudited assessment totalling $208-million for taxes it claims arose from Barrick’s sale of its interest in the Massawa project to Teranga Gold last year.

Barrick said in a statement that the proposed assessment was not in accordance with its investment agreement and relevant legislation in place, and in order to resolve the dispute, the company had referred the matter to the ICC.

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