The lawsuit challenges the Malaysian government's decision to renew the company’s operating licence last year.

Attributable gold production last year reached 726,000 gold ounces, compared to the 765,000 to 810,000 ounces the company expected.

With a 20-year lease renewal application in the balance, Barrick has faced backlash from PNG landowners and residents.

The major driving forces include financial uncertainty and lower interest rates, a weakening in global economic growth, and gold's price volatility, says World Gold Council.

The administration first prepared the sanctions in December, before tensions escalated between the US and Iran.

It was a year to forget for many of the base metals with copper, aluminium, zinc and lead closing out 2019 little changed from year-start levels.

But competition from a state-run monopoly, which gets its coal mines free, may stymie Prime Minister Narendra Modi’s efforts to attract more investments into the sector.