22:09:06 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,331,319
Close 2016-10-07 C$ 20.91
Market Cap C$ 24,367,077,880
Recent Sedar Documents

Globe/wire say Barrick hopes for strong Kalgoorlie bids

2016-10-11 08:56 ET - In the News

The Globe and Mail reports in its Saturday edition that Barrick Gold's share of the Kalgoorlie Super Pit gold mine has drawn interest from Kinross Gold and Zijin Mining Group in a sale that could fetch as much as $1-billion (U.S.). A Bloomberg dispatch to The Globe says that Australian producers Newcrest, Northern Star and Evolution Mining are also reviewing data on the mine ahead of possible indicative bids, which are due by the end of October. China National Gold Group and Shandong Gold are also considering offers. Barrick continues to seek asset disposals even as a price surge this year helped spur the firm's highest profit since 2013. The company announced plans to sell its 50-per-cent stake in the mine in July and hired Credit Suisse Group AG to advise on the sale. Its joint-venture partner Newmont Mining, the mine's operator, has signalled it would be willing to buy Barrick's interest at the right price. Barrick is considering various methods by which to structure the sale. One possibility involves selling shares in the holding company that owns the mine, which would not include a right of first offer for Newmont and thus would allow other buyers to potentially acquire the stake.

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