Barrick takes issue with Reunion Gold's termination of alliance
TSX-V-listed Reunion Gold has been named as a party in a statement of claim issued by Barrick Gold in the Ontario Superior Court of Justice, relating to the termination of a strategic alliance agreement.
Reunion in December terminated the 2019 agreement, with effect from February 3. The junior notes that in 2022, the only project remaining in the alliance was the NW Extension project, in Suriname, with Barrick having previously elected to exclude all other projects from the alliance.
In October 2022, the parties agreed on a rehabilitation and demobilisation plan and budget for the NW Extension project.
In terminating the alliance agreement, Reunion said it offered to assign its rights in the NW Extension to Barrick.
Reunion stated that it was focusing its efforts on the continued exploration and development of its Oko West project in Guyana, which Barrick excluded from the alliance in January 2020.
Reunion stated that Barrick alleges, among other things, that the alliance agreement should continue in perpetuity and that the termination of the agreement is invalid.
Barrick is seeking relief in the form of, among other things, declarations affirming its position, orders compelling the company to perform its obligations under the alliance agreement, related injunctive relief, and damages.
Reunion stated that it believed the claim was without merit and that it would defend against it.
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