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Barrick Gold gets the “Japanese inspection” tactic in profits row

Santo Domingo.-  Dominican Republic seems to have resort to the “Japanese inspection” tactic in its dispute over profits with the Canadian miner Barrick Gold Corp, which was forced to return eight doré bars (gold and silver) worth US$16.0 million to its site at Pueblo Viejo, Cotuí, 24 hours after the Customs Agency halted the shipment on alleged inaccuracies.

The cargo was slated to leave abroad a commercial flight to the United States or Canada Tuesday, but was detained by authorities which now require more precise statements for Barrick’s exports.

Customs’ measure comes after 19 shipments since late last year and now requires each bar’s specific weight and composition, and origin.

President Danilo Medina claimed on 27 February that the terms of the Barrick Gold contract were “unacceptable” because the lopsided profit cut, that for each US$100, Barrick gets 97 and the country gets 3.

The “Japanese inspection” is a term derived from that country’s notorious practice in the past, which forced U.S. exporters to protest for the spoiled produce from Customs’ delays on inspections.

Source: DT

Category: DR News |

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Last updated December 8, 2016 at 12:39 AM
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