B2Gold (TSX: BTO) (NYSE: BTG) announced Thursday that its Malian subsidiary, Menankoto SARL has begun international arbitration proceedings against the Republic of Mali.
The Menankoto exploration permit, which forms a part of the Anaconda area is located 20 kilometres north of the company’s Fekola Mine licence area.
The action argues that the Republic of Mali breached its obligations to Menankoto under the Convention and under the 2012 Mining Code. The arbitration will be conducted by the International Centre for Settlement of Investment Disputes in Paris, France, B2Gold said in the news release.
Menankoto originally filed an extension application for the Menankoto Permit in October 2020, under which the Menankoto permit was originally issued.
The miner said Menankoto was advised in early March 2021 that the new permit would not be granted, and that a third party had been granted a new exploration permit covering the perimeter of the Menankoto permit.
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