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Barrick draws closer to Chinese government-owned Shandong Gold
Barrick and Shandong Gold Enter Cross-Shareholding Deal
From Zacks Investment Research, Chicago
via NASDAQ.com, New York
Wednesday, September 25, 2018
Barrick Gold Corp. has inked a mutual investment agreement with Shandong Gold Group Co. Ltd. The move strengthens the company's partnership with one of the leading mining companies in China.
Per the deal, Shandong Gold will acquire up to $300 million of Barrick's shares. Barrick will invest an equivalent amount in shares of Shandong Gold Mining Co. Ltd., which is controlled by Shandong Gold. The shares will be purchased in the open market. The companies, through the partnership, expect to leverage collective strengths to unlock long-term value for respective shareholders.
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In July 2018 Barrick and Shandong Gold entered into an enhanced strategic cooperation agreement. The latest cross shareholding deal builds on this agreement.
Notably, Barrick and Shandong Gold are partners in a 50-50 joint venture in the Argentina-based Veladero mine. Also, Shandong Gold is presently conducting an independent evaluation of Barrick's Lama project, which includes analysis of potential synergies between the Lama and the adjacently-located Veladero operation. Moreover, the companies have formed internal working groups that are sharing technical expertise and best practices, which are focused on best-in-class mining practices and innovation. ...
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