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.
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.
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