Barrick Gold sells stake in Chinese miner for $210m
Barrick and Shandong are joint venture partners in the Veladero mine, in Argentina.
Canadian gold major Barrick Gold has sold most of its shares in Chinese miner Shandong Gold, booking proceeds of $210-million.
The company sold 79 268 800 shares of Shandong Gold at a price of HK$20.50 a share – nearly double the HK$10.50 that it bought the shares for in 2018 .
Barrick continues to hold 10 250 000 shares of Shandong Gold, which is its joint venture (JV) partner in the Veladero mine, in Argentina. Shandong bought a 50% interest in the mine for $960-million in 2017.
The Veladero JV was billed as the first step in a partnership between the two companies, which in 2018 signed an "enhanced strategic cooperation agreement" and also entered into a mutual investment and cross shareholding initiative.
Barrick on Tuesday affirmed its commitment to the "strong existing long-term strategic partnership" between the two companies.
The shares were sold by an accelerated book building process and were placed primarily with new and existing institutional shareholders of Shandong Gold.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation