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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,608
Close 2014-11-27 C$ 14.30
Market Cap C$ 16,654,775,394
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FP/wire say Barrick's Acacia on prowl for African deals

2014-11-28 09:04 ET - In the News

The Financial Post reports in its Friday edition Barrick Gold's African spinoff says gold mines have never been cheaper. A Bloomberg dispatch to the Post says this is an opportunity for those with cash and courage. "If you're looking for producing assets, they've never been cheaper," said Brad Gordon, head of African Barrick Gold PLC, just renamed Acacia Mining PLC. "Now is the time to be contrarian and pick up some of the best ground in Africa." Mr. Gordon is not the only one on the prowl. Randgold boss Mark Bristow said last week his company had a war chest of more than $500-million to spend on deals. Acacia, which on Thursday unveiled a first foray in West Africa in a deal to explore in Burkina Faso with Sarama Resources Ltd., seeks further expansion beyond its base in Tanzania. "There are other provinces in West Africa that we want to be in," Mr. Gordon said. "You will see us being very active in picking up highly prospective exploration ground." Acacia may also invest in existing mines, with potential for output at its Bulyanhulu operation of 600,000 ounces a year, up from 350,000 to 400,000 ounces now. "That's going to compete very strongly with any external M&A opportunity," he said.

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