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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