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Barrick Gold Corp
Symbol ABX
Shares Issued 1,167,158,762
Close 2018-10-01 C$ 14.28
Market Cap C$ 16,667,027,121
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Post says Barrick merger sparks pushback from DRC

2018-10-01 07:47 ET - In the News

The Financial Post reports in its Saturday edition that in an example of the new political risks Barrick Gold would face under its proposed merger with Africa-focused Randgold Resources, on Friday, a state-owned miner in the Democratic Republic of Congo took issue with the combination. The Post's Gabriel Friedman writes that the proposed $6-billion (U.S.) merger would convert London-listed Randgold shares into Barrick stock and create the world's largest gold miner. Randgold's chief executive officer Mark Bristow would retain his role and title at the new Barrick. In a statement, the DRC-state owned miner, Sokimo SA, which shares ownership of Randgold's Kibali mine, said the deal would introduce a new partner to the mine, and yet it only learned about the deal from press reports. Sokimo characterized the merger as another example of foreign companies "impos(ing) themselves, without any prior discussion, in the countries from which are extracted the resources that make their wealth." Sokimo owns 10 per cent of the Kibali mine. Randgold responded by releasing a statement the merger would have no impact on Kibali, and Sokimo has no rights to assert in connection with its proposed merger with Barrick.

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