The Globe and Mail reports in its Tuesday edition Barrick Gold is joining China's Zijin Mining Group to develop projects in a strategic partnership that Barrick chairman John Thornton has long been seeking.
The Globe's Rachelle Younglai writes their first deal will see the state-owned Chinese miner pay Barrick $298-million (U.S.) for a 50-per-cent share of Barrick's Papua New Guinea gold business.
Since Mr. Thornton joined Barrick as a director in 2012, he has sought to use his connections in China to Barrick's advantage. Barrick did not elaborate on those "opportunities" and its agreement with Zijin is non-exclusive. That means Barrick could tap another company or work solo on some of its projects, such as its stalled Pascua-Lama gold mine in the Andes and its new Goldrush gold property in Nevada. Barrick closed Monday at $9.15, down 29 cents on the Toronto Stock Exchange.
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