Barrick Gold sells stake in Chinese miner
Wednesday, June 17th, 2020
Canadian gold major Barrick Gold has sold most of its shares in Chinese miner Shandong Gold, booking gross proceeds of $210-million.
The company sold 79 268 800 shares of Shandong Gold at a price of HK$20.50 a share – nearly double the HK$10.50 that it bought the shares for in 2018 .
The Veladero JV was billed as the first step in a partnership between the two companies, which in 2018 signed an “enhanced strategic cooperation agreement” and also entered into a mutual investment and cross shareholding initiative.
The shares were sold by an accelerated book building process and were placed primarily with new and existing institutional shareholders of Shandong Gold.https://www.miningweekly.com/article/barrick-gold-sells-stake-in-chinese-miner-for-210m-2020-06-17