Acacia Mining CEO Brad Gordon
PERTH (miningweekly.com) – Africa-focused gold miner Acacia Mining expects to have a new major shareholder in the future, with CEO Brad Gordon confirming that Barrick Gold considers its 64% stake in the London-listed company as noncore.
Speaking to journalists at the Africa Downunder conference in Perth, Gordon was unable to provide details on how Barrick’s possible divestments of its Acacia stake would happen, or what the timing of the sale would be.
“We won’t be sitting here in three or four years’ time with Barrick having a major stake, but [as to how the sale will evolve] that is a question you will have to pose to Barrick,” Gordon said on Thursday.
He added that Barrick was not involved anymore in the day-to-day operations of Acacia, which operates three gold mines in Tanzania – Bulyanhulu, Buzwagi and North Mara.
Citing unnamed sources, newswire Reuters reported in July that Barrick was in discussions with South African gold miners and potentially Australian and North American miners, who would be interested in buying its stake in the African company, which was formerly known as African Barrick Gold.
Barrick has been selling assets in Asia and South America as part of its efforts to cut debt, and has flagged its 50% interest in the Kalgoorlie Super Pit mine, in Western Australia, as another asset that it will put up for sale.