Barrick fined over reporting errors

GLOBAL giant Barrick Gold has been fined $A127,000 for failing to lodge required documents with the Australian Securities and Investments Commission.
Barrick fined over reporting errors Barrick fined over reporting errors Barrick fined over reporting errors Barrick fined over reporting errors Barrick fined over reporting errors

It comes after the company pleaded guilty to 15 charges back in June.

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.

The group also failed to provide reports to its members for the same period.

Barrick was convicted of the offences last Monday.

"This matter demonstrates the ongoing focus ASIC has on companies that fail to uphold their reporting responsibilities which severely compromises the transparency around a company and limits shareholders' ability to make informed decisions," ASIC commissioner Greg Tanzer said.

"These obligations are important and ASIC will not hesitate to pursue companies who disregard them."

Barrick owns the Darlot, Granny Smith and Lawlers mines in the Yilgarn region of Western Australia, 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.

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