The Globe and Mail reports in its Thursday edition that Barrick Gold's plan to sell
its stake in the Kalgoorlie Super
Pit mine to a Chinese bidder
has stalled, with the buyer facing
delays securing financing for the
$1.3-billion (U.S.) deal. A Bloomberg dispatch to The Globe says that Minjar Gold, a unit of
property developer Shandong
Tyan Home, is also still seeking Chinese regulatory
clearance for the purchase. Barrick
is awaiting an outcome and remains
interested in selling to
Minjar, which outbid other suitors
by a large margin. Barrick may still decide to re-enter
talks with other buyers or
keep its 50-per-cent share of the
Western Australia asset, which is
the country's largest open-pit
gold mine. While Chinese companies' willingness
to offer top-dollar prices
helped fuel a $248-billion (U.S.)
overseas acquisition spree last
year, they have struggled at times
to close transactions. Barrick's joint venture partner,
Newmont Mining, the mine's operator, remains a viable
bidder for the Barrick stake, chief
executive officer Gary Goldberg
said in December. Newmont
has expressed its interest in participating
in "any extension of Barrick's sale process," a spokesman
said by e-mail.
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