The miner said on the weekend it had received a tax claim for US$208 million, relating to the sale of its interest in the Massawa project to Teranga Gold last year for US$380 million.

Barrick confirmed it had referred the tax claim for arbitration after "numerous attempts" to resolve the issue with the government failed.

"The proposed assessment was not in accordance with its investment agreement and relevant legislation in place, and in order to resolve the dispute, Barrick has referred the matter to the ICC which is the dispute resolution forum provided for in its agreement with the State of Senegal," Barrick said.

In the meantime, Barrick said it would continue to engage with the government to resolve the matter.

"Barrick and its predecessor Randgold has been a partner and investor in the Senegalese mining industry since 1995, and continues to invest in its exploration projects, as well as through its investment in Endeavour Mining Corp," the company said.

Teranga and its combined Sabodala-Massawa complex were acquired by Endeavour Mining earlier this year. 

The operation is expected to produce 310,000-330,000 ounces of gold in 2021 and is 10% owned by the government.