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.