AGL 8.00 Decreased By ▼ -0.15 (-1.84%)
ANL 11.32 Increased By ▲ 0.23 (2.07%)
AVN 83.45 Decreased By ▼ -0.25 (-0.3%)
BOP 5.85 No Change ▼ 0.00 (0%)
CNERGY 5.85 Increased By ▲ 0.20 (3.54%)
EFERT 80.10 Decreased By ▼ -0.12 (-0.15%)
EPCL 67.29 Increased By ▲ 0.01 (0.01%)
FCCL 15.20 No Change ▼ 0.00 (0%)
FFL 7.04 Decreased By ▼ -0.19 (-2.63%)
FLYNG 7.77 Decreased By ▼ -0.29 (-3.6%)
GGGL 11.90 Decreased By ▼ -0.10 (-0.83%)
GGL 17.65 Decreased By ▼ -0.06 (-0.34%)
GTECH 9.18 Increased By ▲ 0.40 (4.56%)
HUMNL 7.20 Decreased By ▼ -0.03 (-0.41%)
KEL 3.50 Decreased By ▼ -0.24 (-6.42%)
LOTCHEM 30.95 Decreased By ▼ -1.15 (-3.58%)
MLCF 28.52 Decreased By ▼ -0.48 (-1.66%)
OGDC 85.20 Decreased By ▼ -0.85 (-0.99%)
PAEL 17.11 Decreased By ▼ -0.29 (-1.67%)
PIBTL 6.15 Decreased By ▼ -0.15 (-2.38%)
PRL 19.84 Increased By ▲ 0.74 (3.87%)
SILK 1.29 Increased By ▲ 0.10 (8.4%)
TELE 12.05 Decreased By ▼ -0.20 (-1.63%)
TPL 9.16 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.19 Decreased By ▼ -0.51 (-2.46%)
TREET 27.10 Increased By ▲ 0.15 (0.56%)
TRG 97.30 Decreased By ▼ -0.45 (-0.46%)
UNITY 22.83 Decreased By ▼ -0.17 (-0.74%)
WAVES 13.29 Decreased By ▼ -0.81 (-5.74%)
WTL 1.45 Increased By ▲ 0.14 (10.69%)
BR100 4,361 Decreased By -27.2 (-0.62%)
BR30 16,009 Decreased By -90.5 (-0.56%)
KSE100 43,482 Decreased By -195.1 (-0.45%)
KSE30 16,476 Decreased By -56.6 (-0.34%)
Business & Finance

Kibali's $500mn should be cleared to leave Congo next month

  • The gold miner has been in discussions with Democratic Republic of Congo over how to get the money out for more than a year.
  • With the new government now we're pretty sure that that blockage will be unblocked and we'll be able to go back to normal activities.
Published February 18, 2021

Barrick Gold Corp Chief Executive Mark Bristow said the group expected to get $500 million belonging to its Kibali gold mining venture out of Congo next month, adding that the advent of President Tshisekedi's new government should help.

The gold miner has been in discussions with Democratic Republic of Congo over how to get the money out for more than a year.

"With the new government now we're pretty sure that that blockage will be unblocked and we'll be able to go back to normal activities," Bristow told Reuters in an interview.

Tshisekedi has been consolidating control over the Congolese government and appointed a new prime minister on Monday, capping a series of victories over his once-dominant predecessor Joseph Kabila.

Under Congo's 2018 mining code, miners must return 60% of revenue from mineral sales to the country to help develop the economy. The $500 million is excess cash left over after Kibali repatriated 60% of revenue and paid in-country expenses.

Barrick earlier reported a quarterly profit that beat analysts' estimates, helped by a jump in gold prices.

Comments

Comments are closed.