|Monday, 11 June 2012|
EIGHT Western Australian subsidiaries of Canadian mining giant Barrick Gold will plead guilty to a total of 14 charges for failing to comply with their obligations to lodge reports with the Australian Securities & Investments Commission.
The Perth Magistrates Court on Friday heard that Barrick (Cowal), Barrick (Plutonic), Barrick (Lawlers), Barrick (Darlot), Barrick (Australia Pacific), Barrick Mining Company (Australia), Barrick (PD) Australia and Grants Patch Mining failed to lodge the group’s financial reports, directors reports, auditors reports or a concise report between May 1, 2007 and March 9, 2012.
It was also alleged the group failed to provide reports to its members for the same period.
The maximum penalty for each offence relating to failing to lodge financial reports is $A13,750, meaning that Barrick could be fined as much as $192,500.
Barrick said it would plead guilty to all offences.
The matter has been adjourned to the Perth Magistrates’ Court for sentencing in August.
Barrick owns the Darlot, Granny Smith and Lawlers mines in the Yilgarn region of WA, Cowal in New South Wales, the Kanowna operations in WA’s Goldfields and Plutonic near Meekatharra, as well as a 50% stake in the Kalgoorlie Super Pit.
The Asia Pacific region accounts for around 25% of the miner’s annual global production and will continue to form a significant part of the company’s production as it aims for annual production of 9 million ounces per annum in the next five years.
Click here to read the rest of today's news stories.