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Randgold's gold mine operations unaffected by Mali's shutdown of company offices

The Malian government's shuttering of the offices controlled by Randgold Resources Ltd. does not affect the operations of the Morila, Loulo and Gounkoto gold mines in the country, the company said Oct. 10.

The Malian government last week closed offices of firms controlled by Randgold and seized their bank accounts, alleging that they owe about US$80 million in unpaid taxes. The government gave the company 10 days to comply.

Each of the mines has legally binding conventions in place that guarantee fiscal stability and allow for international arbitration in the event of an unresolved dispute.

Randgold also noted that the International Centre for Settlement of Investment Disputes had recently awarded US$29.2 million plus costs to Loulo after the tribunal found that taxes were wrongfully collected by the Malian government.

"We have continued to engage with the Malian authorities at the highest level to resolve the remaining issues and we trust that the parties will return to the negotiating table in the spirit of constructive partnership that had previously characterized our dealings in order to find a mutually acceptable solution," said CEO Mark Bristow.