09:49 AM EST - Barrick Gold Corporation :
Announced that its subsidiary, Barrick (PD) Australia Pty Limited (Barrick PD), an investor in the Porgera Mine, has given notice to Papua New Guinea (PNG) that a dispute has arisen under the Bilateral Investment Treaty (BIT) between PNG and Australia. Barrick PD asserts that the dispute arises out of the PNG Government’s decision not to extend the Porgera Special Mining Lease (SML) in violation of the terms of the BIT and international law governing foreign investment. Barrick PD, as an investor, seeks to recover damages it has already suffered and damages it may suffer in the future by virtue of PNG’s wrongful refusal to grant an extension of the Porgera SML. If the dispute cannot be resolved through consultations and negotiations, Barrick PD has elected to refer the dispute to arbitration before the World Bank’s International Centre for Settlement of Investment Disputes. Barrick Gold Corporation
shares T.ABX are trading down $0.15 at $37.35.
